Succession Planning – For Visionary Business Owners Nationwide
What does the future of your business look like? To be honest, every business owner will exit his or her business. The question all owners will have to answer one day is “Am I ready?” While a few think about this eventuality, even fewer do anything about it. The complexities of transitioning a business are many for those who want to do it right. Will you simply close the doors and liquidate? Will you hand off the reins to a family member or attempt to sell the business outright? Is there a key employee being groomed to take over; and if so, what exactly will that look like?
Once a business owner begins to address these questions a lot of other questions surface, often leading to confusion and frustration; especially if the exit is due to an unplanned emergency. But the most important questions may be those that a future owner will ask: “Is the business producing consistent profits”, and “Is the business structured to run systematically on its own without the current owner present?”
Any investor willing to consider buying a business must have those questions answered with a very clear “yes” before moving forward. And any business owner desiring to transition ownership to family will absolutely want to answer “yes” to both questions as well, not wanting to pass on the burden of an unproductive business to an heir.
To ensure the successful transition of your business, whether 10 years from now or in the event of an unexpected emergency, succession planning can’t begin too soon. Owners who approach the inevitable as a routine part of running their businesses leave legacies of professionalism and a real concern for others; especially for their families and employees.
Legacy Business Leaders offers these services for succession planning:
- Business valuation
- Identify goals, appropriate timelines, and develop plans to achieve them
- Discover an owner’s personal readiness and how to employ strategies to remain emotionally encouraged and energized
- Implement a succession strategy that adjusts to market swings and conditions
- Providing guidance and training for potential successors
- Tracking of metrics for measuring staff development, business growth and profitability
- Implementation of key systems necessary to creating a self-sustaining business
- Ongoing development of positive and productive company cultures
What will your legacy be?
Succession and exit planning is nothing more than sound business planning. To ensure your legacy with the help of a business coach in Ohio, call today and begin preparing for a very, very bright future.
Call 330-470-1300 to get started with success.