Difficult Decisions. Important Conversations.

We know it can be hard to think about transitioning your business… There are many looming questions and decisions that have big consequences.

What is the right next step? Who should you sell to? Do they have the expertise to run it profitably? Can you trust them to preserve your culture, your legacy? Do they have the cash to buy you out? How do you decide what you really want? Then how do you structure it so it works? How do you keep your key people if they don’t buy the business? How do you handle the myriad of family dynamics as you figure out the best structure?

Here are a few ideas to get you started:

1. Decide what matters most to you -- Is it financial return? A part-time ramp down schedule? Preparing a family member or key employee to run your business profitably and sustainably? Leaving a cultural or physical legacy? Or something else?

2. Assess your strategy -- Is it sufficient for the long term growth of the company? Is it sufficient to attract a strategic buyer?

3. Assess your organization -- what competencies do you need in your senior leaders to deliver the strategic plan you need for the future? What skills, competencies, experience have you got to work with today? Where are the gaps? What leaves with you? Have you identified your top performers? Your high potentials?

4. Based on what you discovered, are there important conversations I need to have? With who? About what? How can you structure them to ensure your message is heard the way you intended?

5. Develop your bench strength! Who can grow? Who can continue to be a top performer? What strengths can you leverage? What experience, training, coaching, learning opportunities can you give them to close the gaps ... and take your team to the next level?

6. Reduce uncertainty by hiring experts to guide you: wealth advisors, banker, CPA, business broker, valuation expert, estate planning attorney, an Executive Coach with Succession and Exit expertise like me! (ok, a little shameless self promotion)

7. Get a sense of the value of your business -- what is it worth? Who can/will pay that? Who do you want to sell to?

8. Get 'Sale Ready' now! Build value in so you can take advantage of opportunities as they come along --changes in the industry, economy, government regulations, strategic initiatives, etc...

9. Invest some time in discovering 'what's next?' for you. Don't depend upon golf, travel and grandkids to fulfill the emotional void that will likely be there when you leave work. If you wait too long, your relationship ties weaken.