Anyone who runs a business knows business is personal. It’s almost impossible to separate work you and personal you.
Your perspectives, life experiences and let’s face it – your gut feeling is how you run your business. The lessons and strategies you implement as a business director are likely to impact your personal life.
This is especially hard-hitting for family businesses, where the lines are blurred between work and home. Some people know their end goal from day one – start a business to sell it and make a profit.
For others, selling is no simple business decision. There could be a number of tough pills to swallow – a sudden loss, a splintering of opinions, financial concerns, or a gut feeling of ‘it’s time.’
Whatever the reason – business transitioning and exit planning is personal. We believe it must be treated as such.
We help you jump over every hurdle.
As a business advisory firm – we create succession plans to fit your goals. We prepare your business for sale, oversee your management buyouts, handle your value appraisals, and support your estate planning.
Creating the right succession plan is life changing.
Ask yourself… what are you in business for? If we know you – you’re passionate about adding freedom and value to your personal life to support yourself and those important to you.
However, there are a few things to be very mindful of.
Experiencing a loss in identity.
If you’ve been the director and managed a team for a few years now – it’s normal to feel an identity shift as you gradually pull away from the business. You are likely to find yourself questioning who you are outside of work.
While this transition is challenging, it can also be a positive catalyst for growth. It’s an opportunity to discover new parts of yourself.
Tidy up your house before the new owners arrive.
By house, we mean the ‘business’ side of the business. We see it all the time when new CEOs spend the first few years in ‘hustle mode’, only stopping work to eat and sleep.
If you’re like most business owners, your business foundations – the legalities, paperwork, and registrations are taken care of, but the framework is forgotten about. The relevant systems and operating procedures aren’t documented as they should be.
Succession planning is an opportunity to get everything ‘out of your head’ into words and onto paper. It’s important to document every cell of your business’ DNA as possible.
Every voice must be heard.
This transition won’t just affect you – it impacts every single person working in the business.
Your people might feel uncertain about their future and place in the business. You must encourage them to voice their fears and ideas. Bring them into the conversation as much as possible.
Just like new businesses require mentorship and guidance in the early years – so do seasoned businesses transitioning to a sale or a change in management.
Being strategic business advisors for our career lifetime – we have coached many CEOs and corporations smoothly into their exits… into that big payday that most owners dream of through the decades.
So, what are you waiting for? Book a free 15-minute clarity call and we can kickstart your succession planning right away.