Transferring ownership of your business is a gradual process requiring different strategies and resources depending on your exit plan. Preparing to transition into a public company or the transfer of stewardship to a third party will slightly vary from the transfer to employee/management or a successor.
To ease into transition or succession, I am available to assist business owners with the process. You will be confident that no stone is left unturned and know all stakeholders are satisfied.
Begin the Transition Preparation
Once we’ve reviewed the transition plan for you and your business, we will move forward as soon as possible. The more time business owners have to prepare to transition, the more value they can build and the smoother the process will be.
Here are some of the benefits of successfully planning your transition:
- You will find more purpose in earning higher sales revenue, increasing business value, and improving company productivity.
- You will have confidence in your decision with professional advisement, review, and assessment of your business and professional goals.
- You can maintain the values and culture that built your business.
- You will know how much involvement (if any) you will have in your company once the transition begins.
- You and your business are secure if your exit is involuntary.
- You will receive optimal financial benefits while minimizing potential losses by choosing the best compensation.
Business Transition Preparation
When choosing an Initial Public Offering (IPO) or Mergers and Acquisitions exit strategy, staff management and development are essential in the transition process. The interests of all stakeholders rest on investing in a profitable business that needs little supervision to maintain daily operations once combined (except for “takeover” Mergers and Acquisition deals).
To pursue these exit strategies, your business must reach a desirable value, achieve an ideal sales revenue, run efficiently, and be competitive. Staff development is integral in building the value of your business to build sales, productivity, and functionality using performance plans measured by key performance indicators. However, the existing company culture and employee positions may not carry over once the transition starts.
Succession Transition Preparation
When pursuing an Employee Stock Ownership Plan (ESOP) or choosing a successor, maintaining company culture, maintaining employee engagement, identifying the skills needed to maintain productivity and growth, and training and development for staff advancement are crucial to succession transition.
As the business owner, you have more influence and control over the value and culture of the company and can maintain the business operations you desire in the transition process. Additionally, you will carry your values into the action and performance plans to prepare your successor. We will review your business values and stipulations to achieve the succession transition.
Ready to get started on your business transition process? You can book a consultation with me today.
