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Using Family Business Governance as a Transition Tool 

Using Family Business Governance as a Transition Tool 

As a family business owner, if you could create a training ground that could:  Preserve family relationships,  Give your successor the opportunity to learn new skills,  Give you the opportunity to learn to mentor,  Protect your business,  Alleviate the worry of losing control, and  Minimize miscommunication, would you jump on it?  For most owners, the answer is an emphatic “yes!” And yet, when we suggest to these same owners that, in anticipation of a transition of ownership to the next generation, they implement some form of formal governance for their

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The Successor’s Transition Journey

The Successor’s Transition Journey

Transitioning ownership of a business is a journey, most obviously for the person transitioning out of ownership (the transitioner). Less appreciated, perhaps, are the challenges a successor encounters on the journey to business ownership. Read about the successor’s transition journey. We’ve written frequently about some of the transitioner’s challenges (e.g., preserving relationships, cutting the ties between owner and business, mentoring successors, to name few) and dilemmas that transitioners encounter when turning over ownership. In this article we focus some of the challenges successors face and how we help transitioners and

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A ceramic piggy bank.

How Much Will Your Company Be Worth in a Business Transition?

The first question most owners wrestle with when they think about the future transition of their businesses to successors is: How much will your company be worth in a business transition? How much is the business worth and how do I figure that out? How much will my business be worth if I sell at the right time? How much at the wrong time? How much do I need from the transition of equity to achieve my financial goals? How much do I deserve from the transition in return for

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How Will Your Transition Your Family Business to Successors?

There are many ways to put your family business in the hands of successors: sales of equity or assets, gifts of equity or assets, or some combination of these. There are pros and cons to every method and gaining clarity about which is best for your situation begins with answering five of The Big 6™ questions that come before the question of How will your transition your family business to successors? They are: Why? What? Who? When? How Much? How? All six questions are interrelated. For example, the timing you

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When Is The Best Time to Start Planning a Family Business Transition?

When Is The Best Time to Start Planning a Family Business Transition?

One of the ways we help owners lay the foundation for a succession plan that achieves their objectives is a tool we call The Big 6™. When owners answer these six questions, they begin to chart a path to the transition they desire. The Big 6 questions are: Why, What, Who, When, How Much, and How. (Click here to read more about the questions.) When is the best time to start planning a family business transition? SCHEDULE A COMPLIMENTARY CONSULTATION Today the topic — or the question — is When.

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The Time and Taxes Conundrum in Business Transition woman business owner

The Time and Taxes Conundrum in Business Transition: Expert Insights from a Family Business Consultant

As we near the end of the year, we’ve been thinking a lot about all that’s happening in our world: two wars, presidential primaries just weeks away, periodic and predictable wrangling in Congress about the national budget, questions about the potential of artificial intelligence, the teeter-totter of will-there-or-won’t-there be a recession, inflation, and interest rates. We don’t know what 2024 will bring, but we do know that it will bring more of the same: constant change. SCHEDULE A COMPLIMENTARY CONSULTATION Yet, two issues in our world of business transitions continue

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Transition Strategists business owner looking out window

Unraveling Mutual Dependency: Insights for a Successful Business Transition

We’ve all heard the term “codependency.” It describes an unequal and dysfunctional relationship between two people in which one person gives and gives, and the other takes and takes. In the business transition world, we see mutual dependence: a dynamic between owners and their businesses that is not characterized by one party always giving and the other always taking. Instead, both business and owner give to the other. This mutual dependence—business on owner, and owner on business—is completely understandable. Many owners started their businesses, nurtured, lost sleep over, and invested

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No business transition is dilemma free

No Business Transition is Dilemma-Free

Have you ever launched a new product, service, or marketing campaign, or relocated your company’s headquarters without having to make some hard choices regarding the people and resources needed? No business transition is dilemma-free. SCHEDULE A COMPLIMENTARY CONSULTATION All the successful entrepreneurs we know expect to—and do—make course adjustments when faced with choices (or dilemmas) during important projects. When it comes to the project of transitioning out of their companies, however, too many owners become overwhelmed simply by thinking about the number and severity of the dilemmas they expect to

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The transition Strategists gratitude hear

The Importance of Gratitude in Business Transitions

Several weeks ago, a business owner (let’s call her “Pam”) updated me on the status of her business transition plan, specifically on the progress her chosen successor was making toward becoming the one-day owner. The two conversations were a perfect illustration of the gain and gap concepts that Dan Sullivan and Dr. Benjamin Hardy describe in The Gap and The Gain: The High Achievers’ Guide to Happiness, Confidence, and Success. At its most basic, we operate in The Gain when we measure progress against a point in the past. We

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