Blog Archives - Page 5 of 11 - The Transition Strategists

Is the M&A Market the Best Exit Path for You?

Owners who ask me whether I recommend selling their companies to a third party are often stunned by my answer: Maybe or maybe not. They are stunned because I’m a transition strategist who works with owners planning business transitions every day. And yet, I can’t recommend an exit path until owners tell me what they want the transition of their companies to achieve. Is the M&A market the best exit path for you? Maybe, but let’s go a bit deeper into the question. The first and fundamental question: Why? The

Elizabeth Ledoux March 14, 2023

Getting Unstuck in Business Transitions

I’ve written about the three primary reasons owners get unstuck and take the leap into their business transition journeys: 1) a reckoning with mortality, 2) the achievement of a goal or 3) a reaction to events outside the business. In this article, I share four steps to getting unstuck in business transitions using, as an example, an owner who experienced a death in the family. “Liza” the young daughter of one of our clients, “Simon,” died after a tragic climbing accident. This loss made a permanent mark on Simon, his

Elizabeth Ledoux February 21, 2023

The Price of Procrastination in Business Transitions

Procrastination: It’s a behavior that everyone agrees is rarely productive and yet, in some areas of our lives, we’re all guilty of it. When we procrastinate about taking out the trash or making dinner, the consequences are minimal and generally short lived. The price of procrastination in business transitions, however, is high and very often long lasting, if not life changing.* The length of your runway As transition strategists, we’re evangelists for long runways. What we mean is that the more time owners give themselves to plan their business transitions,

Deborah Davis, MS, PCC February 14, 2023

Family Constitutions Keep Families Together

If you run an enterprise alone or with only one partner, no committees or obstacles prevent you from making decisions or changing direction on the fly. The same is likely true if you operate an enterprise with your adult children because they grew up listening to and watching you. They understand your values and vision, and the lines of communication—at the dinner table and at the office—are open and well-used. Now imagine the effect on the lines of communication when a third generation enters the picture. When your children have

Elizabeth Ledoux January 24, 2023

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