All owners and presidents reach a stage in their life where they either want to reduce their hours of work, stop working altogether, or leave the stress of entrepreneurship for a salaried position. For most owners, their choices are either to sell or turn the company over to family and/or employees. There are so many elements to consider, however, it can seem overwhelming, and too often the owner does nothing, significantly reducing the options available later.
A much better solution is to spend time planning how to optimally leave the business, while preserving what’s important to the owner. He or she must consider when is the best time to leave, to whom they will leave or sell the business, how to get the best valuation, and what systems and processes can be improved to deliver the greatest chance of business survival to the next generation or owner.
With the proper elements in place, the owner can go forward into his or her next phase of life without worrying whether the business has what it needs to continue. A little extra work in advance can save serious headaches later and make the transition a smooth one.
What we sometimes hear…
- I want to build this up to get the best valuation, and then sell it.
- I don’t know what my company is worth.
- It’s time for me to retire, but my kids don’t want the business.
- I’m not ready to leave yet, but I need to think about what’s next.
- I want to give this company over to my employees.
- I’d rather be golfing.
We help client companies …
- Develop a communication strategy.
- Identify current and future competencies for positions.
- Develop a recruitment strategy.
- Create assessment and selection tools.
- Identify gaps in current employee and candidate competency levels.
- Assist with leadership transition and development.
- Develop an evaluation plan for succession management.