Blog Archives - Page 10 of 11 - The Transition Strategists

Ownership Strategy - Transition Strategy - Business Succession Planning

What is Business Succession Planning?

Maybe an online search has brought you here. Maybe you heard the term business succession planning from a family member, friend, colleague, or at a conference. We’re glad you found us! At The Transition Strategists, we’ve been crafting business transitions for over 20 years, and we’re proud of our 100% success rate. That’s right, 100% of our clients who have used our proprietary transition planning process have left their businesses in the hands of capable successors. How? Let us break it down for you. What is Business Succession Planning? Business

Elizabeth Ledoux August 10, 2021

How the power of inclusive thinking works in succession planning

Should You Take Over Your Family Business?

If you’ve been working for your family business, you understand that family and business are often inseparable. That’s why it can be so important to the owner, (your parent, grandparent, aunt, or uncle) that the business stays in the family for future generations. If presented with the opportunity, should you take over your family business? Do you want to? Should You Take Over Your Family Business? The short answer is: it depends. The long answer, however, begins with your relationships. If you’ve been asked to run your family business, pause

Elizabeth Ledoux July 21, 2021

What Are The Steps In Business Succession Planning?

Are you a business owner nearing the end of your career? Even if you’re not quite ready to retire but are thinking about what’s next, you might wonder what are the steps in business succession planning? We’re so glad you asked. The Transition Strategists help owners and their businesses through key transitions, especially succession. It’s okay if you aren’t familiar with the steps in a business transition. We are. Understanding the Steps in Business Succession Planning In our practice, business succession planning begins with identifying the personal and professional relationships

Elizabeth Ledoux June 21, 2021

Four Reasons It’s Never Too Early To Start Business Succession Planning

Have you created an estate plan even though you have no intention of leaving this earth anytime soon? Making the appointment with your attorney probably wasn’t high on your list of “fun things to do,” but you did it — partially for tax reasons, perhaps, but ultimately out of love for the people and causes you care about. You now enjoy the comfort that comes from knowing that those you love will be taken care of. Read the rest of our article about the four reasons it’s never too early

Elizabeth Ledoux May 17, 2021

New Book Succession Planning - It's A Journey Book by Elizabeth Ledoux and Laura Chiesman

New Book: It’s A Journey

Elizabeth Ledoux and Laura Chiesman have launched their latest book: It’s A Journey – The MUST-HAVE Roadmap to Successful Succession Planning. Available NOW on Amazon! During their virtual book launch party, Elizabeth and Laura shared what inspired them to write this book and how it will impact family and private business owners nationwide. This relationships-first approach to business transition will help you arrive at your destination—the next chapter of your life— financially healthy, relationships whole, and your business in capable hands. Purchase your copy HERE. About It’s A Journey For

Elizabeth Ledoux April 20, 2021

5 Relationship-Building Behaviors for Business Owners

If you were asked by a young entrepreneur to identify the three most important lessons you’ve learned over the course of your career, how many of the three would have to do with the logistics of a product launch, mechanics of installing cyber-security measures or mastering the intricacies of the Federal Tax Code? Read about: 5 Relationship Building Behaviors for Business Owners. All are certainly major accomplishments, but most successful entrepreneurs cite lessons learned that involve people; specifically, how to spot talent and trust our guts, how to draw out the best in

Elizabeth Ledoux March 24, 2021

Move Beyond Fear: You Can Have A Successful Business Transfer

Do you know any business owners who can visualize a crystal-clear transition path from where they are—running successful companies and living great lives—to where they want to go—happily out of their businesses and living their Next Adventures? If you do, or if you are one of these owners, you are remarkable. Remarkable because we’ve found that very few owners (if any!) can clearly visualize their business succession paths. Often clouding their vision are the financial and relationship dilemmas that they know they will encounter and must resolve related to their

Elizabeth Ledoux March 8, 2021

Top Five Must-Have Characteristics in a Business Successor

If the topic of choosing a business successor is one that you’d rather put away for a rainy day, this article is for you. Here you’ll find two lists: the five perspectives shared by business owners who have successfully transitioned their businesses to successors and the five most important characteristics these owners looked for and found in their successors. Read more: top five must-have characteristics in a business successor. Owner characteristics Let’s begin with you, a business owner thinking about possible successors. What characteristics should you possess before you start

Elizabeth Ledoux February 8, 2021

5 Conflict Resolution Tips When Running a Family Business – The Child’s Perspective (Part 2 of 2)

As we described in Part 1 of this two-part series, during the course of the transition of a business, owners, and successor participate in a three-phase dance: Phase 1: Original owner leads and teaches the successor the steps. Phase 2: Owner and successor alternate the lead. Phase 3: Successor leads and the original owner follows. Ideally, owners and successors avoid each other’s toes during this dance. In the real world, however, sore toes are inevitable. When the dancers are parent and child, however, aching toes can be the least serious casualty. Without “preventative measures” (i.e., changes in behavior and attitude), injuries can include hurt feelings and irreparably damaged relationships. No one

Elizabeth Ledoux January 25, 2021