Preparing the Business for Transition? Prepare Yourself Too
When a business is going through a succession or sale, leaders often neglect to prepare themselves for the change. Learn how this could negatively impact personal and business goals.
Why Outgoing Leaders have a Hard Time Leaving their Company
Why do outgoing leaders have a hard time leaving their company? A number of emotional and practical reasons make it difficult for leaders to leave their companies.
Please... Just Leave! You’re Driving Your Employees Nuts
Outgoing owners must agree with their successors on a well-defined transition plan and timeline for their departure as part of the transition plan.
Is Your Business Repelling Your Successor?
In some cases, successors will reject your offer and the company altogether. In those scenarios, it’s crucial that owners understand the employee’s perspective and take appropriate corrective action if necessary.
A New Year, Another Chance To Secure The Future Of Your Family Business
The New Year is an opportunity to look at the past and reorient both ourselves and the business for the future by kicking off the continuity planning that will ensure your company and your legacy endure.
When Your Successor Doesn’t Want the Job
A successor may not always jump at the opportunity to carry on the legacy of the business. When a successor declines the offer to own or manage the business, understanding their motivations is key to finding a solution that benefits all parties and the business.
When the Business' Successor Cup Runneth Over
By the second or third generation or in high-performing businesses, the issue often isn’t a lack of successor candidates, but an abundance. If it isn’t handled with care, chaos could ensue. The selection should be handled with early and frequent communication.
How to Bring in an External Successor Without Offending Family
In a business, bringing in an external successor could create its own set of challenges. However, external successors could provide a functional bridge for the business and should be treated as an opportunity to strengthen the company.
Owner's Dilemma: Can you fire family?
An owner may need to release a family member from the business. Firing family is a tough decision needs to be communicated with tact and without ambiguity to preserve both the family and business relationship.
Don’t Treat Your Successor Like a Clone
When an owner finds that perfect successor, then, the tendency is to jump for joy and declare his or her mission accomplished especially when that chosen successor comes from a similar background and shares the owner’s expertise. Owners should fight that tendency.
How Does This End? Closure of a Business
There will come a day when the owner has to decide whether to sell the company or keep it in the family. An exit must be handled with skill and empathy.