What makes for a successful business transition?
Preparing your business for succession is something you generally do only once. The ONLY way to be successful is to PLAN the transition and the earlier you begin the more successful you will be.
There are a number of succession options in the marketplace understand which option may be best for your situation.
Understand the steps in transition. Understand the position of current and future stakeholders. Be preared to LISTEN.
2. OBTAIN THE RIGHT PROFESSIONAL ADVISE
Succession is multi-facited. You need to stage your business so that it looks appealing to suiters be they internal or external. You need to know the value of your bsuiness today and the value of the business when it comes time to transition. You need to ensure you maximize the tax benefits avaialble to you. It’s great to receive alot of money, however it’s FABULOUS if you get to keep most of it! What are you going to do with the money you get? If you are inexperienced in managing money it’s best to leave the management to the professionals.
Talk about your transition plans with your spouse and family. Ensure that everyone understands your future plans. You must have a sound understanding of your goals befofre you can articulate your ideas to others.
Contact us for more information about business transitions.