Blog Archives - Page 4 of 9 - The Transition Strategists

Emotional Intelligence for Successors in Business Transitions

In a prior article, I wrote about four elements (or competencies) of emotional intelligence that serve business owners well when involved in transitions. In this article, I look at the flip side: the value of emotional intelligence for successors in business transitions. Emotional Intelligence for Successors in Business Transitions – And Beyond Four elements of emotional intelligence—personal agility, empathy, intentional communication and trust building—are competencies that successors can draw upon to facilitate their transition from successor to owner, especially when they grow frustrated with the pace of the transition. These

Marcy McNeal January 21, 2023

How the power of inclusive thinking works in succession planning

As a successful entrepreneur, it’s natural for you to solve some problems by thinking outside of the box. That ability to put disparate elements together, often in ways others would not, is known as inclusive thinking. Too many owners, however, look at the transition of their companies to successors from only one perspective. The purpose of this article is to show you how the power of inclusive thinking works in succession planning. During uncertain times, it can be tempting to assume that the business transition you’ve dreamed of either must

Elizabeth Ledoux December 18, 2022

Eight reasons owners decide to embark on the succession planning journey

At some point, you, like every owner, will think about the day you will transition the leadership of your company to a new owner. Today, transitioning may be a low-priority issue on your long-to-do list, or you may be frozen in place because you don’t know how to begin or worry that a transition could damage relationships with people who are important to you. Many owners put off their transitions for these and other reasons until something prompts them to act. In this article we share eight reasons owners decide

Elizabeth Ledoux December 17, 2022

Business Succession Advisors

One of my favorite proverbs is: If you want to go fast, go alone. If you want to go far, go together. I believe this to be true in many aspects of life but especially in business transitions. First, every transition involves at least two people: the owner who is leaving and the one who is taking his or her place. And every transition involves several professional business succession advisors because there are legal/contractual elements, tax (and possibly estate planning) considerations, and financial planning assessments. There’s almost always a need

Elizabeth Ledoux December 12, 2022

An offer to buy your company: Is it an offer you can refuse?

Planning to transition your private business to a successor takes time and intentional perseverance. It takes time to clearly set the goals for your transition, time to paint a picture of the life you want to live after you leave your company, and time for your successor to learn to lead. Transitioning your company is a journey that is done with purpose rather than a “one-and-done” transaction, especially when you put people-first and your vision is to have a family member, business partner(s) or key employee(s) to successfully carry on

Deborah Davis, MS, PCC November 30, 2022

The Value of Emotional Intelligence for Owners in Business Transitions

As a coach, I help individuals finetune their emotional and social intelligence skills so they can better navigate all sorts of change, conflict, and dynamics. As a Transition Guide, I have the privilege and unique perspective of working with both owners and successors during one of the most life-changing journeys for both: a business transition. In this article let’s look at the value of emotional intelligence for owners in business transitions. In my next article, we’ll examine how emotional intelligence applies to successors in business transitions. Using quick searches on

Marcy McNeal November 15, 2022

The Key Role Your Next Adventure™ Plays in Your Business Transition

Transitioning a business to a successor is easy for owners who aren’t interested in the future of the companies they’ve built and believe that leaving behind a trail of broken relationships is just the price of a business transition. Business transitions are not so easy, however, for owners who care deeply about their relationships with the most important people in their lives and want their companies to flourish after they leave. We are privileged to work with owners in the second group and designed The Transition Roadmap Developer™ (TRD) to

Elizabeth Ledoux November 3, 2022

What To Do When Your Child Doesn’t Want to Take Over Your Business

“Mom, I need to tell you something… ” These words would set off alarm bells in most parents’ heads, but the ringing can be deafening when they come from the child you always dreamed would take over your business. That dream can shatter when the sentence that follows is: “Running this company is an amazing opportunity for someone, but that someone just isn’t me.” If it’s been your dream to put the successful business you’ve built into the hands of your child(ren), it’s natural to be disappointed or even angry

Elizabeth Ledoux October 16, 2022

Are you really open minded in your search for a business successor?

I attended a workshop for business owners recently and heard many conversations about the search for successors. Several mentioned that because they couldn’t find “the right successor,” to continue their legacy, they were resigned to selling to an outside third party. When these owners explained to me why their children, business partners or longtime key employees weren’t “right,” I left these conversations wondering what ever happened to curiosity? I was tempted to ask, “Are you really open minded in your search for a business successor?” As I recall these conversations,

Marcy McNeal September 30, 2022