“If you don’t like change, you’re going to like irrelevance even less.”
– General Eric Shinseki, Chief of Staff, U. S. Army
And only 4% of those businesses will have a formal succession plan in place.
Are you part of the other 96%?
Having a carefully formulated strategic plan for succession increases the likelihood of business success and will increase the value and attractiveness of the business to an outside purchaser.
- Do you think retirement and/or mortality are difficult topics to think about?
- Are you afraid succession planning may lead to uncomfortable family conflicts?
- Are your business goals often confused with your personal goals?
- Does long term planning feel like giving up control?
- Do you have a lack of confidence in potential new leader(s)?
We can help you with answers to the following key questions:
- How attractive is your business?
- What should you do to prepare the business?
- What will potential buyers look at and value in your business?
- What should you do to improve the value of your business?
There are many possible goals in exiting a business:
- Getting the highest possible price for your business,
- Tax minimization, and
- Dealing with typical transitional issues in family situations (which can become complex legally, emotionally and financially), to rewarding lifetime employee loyalties, to preserving the owner’s legacy. Our process encompasses preparing the new owners to run the business smoothly and profitably without you.
And many people have roles in your succession plan: a business broker, financial advisor, your insurance agent, your accountant (possibly us at Holden Moss, but if not just talk to us), your tax advisor (again possibly us), and your attorney. We will play the ‘orchestra conductor’ role in coordinating all of these advisors, gathering the necessary information and ensuring those issues are addressed in the succession plan.
Start planning for the sale of your business at least a couple of years in advance. Remember, it may take a year or more to clean up the business, so this allows you time to maximize business value before the sale.
Start With Your Wellbeing
If you’d like to begin by taking a very quick “Professional Wellbeing” quiz, feel free! It takes about a minute and you can find out what your ‘wellbeing score’ is out of 100. Just click the image below to start.