business transition strategists man looking out office window

Cut the Ties of Dependency Between You and Your Business

Owners wear many hats as they grow their businesses: rainmaker, HR manager, CEO, cheerleader, and director of finance, to name a few. Yet if they are still wearing all these hats as they move toward their business transitions and Next Adventures, that’s a problem. If you don’t cut the ties of dependency between you and your business, you face a huge obstacle on your road to a successful transition. Think for a moment: ???? Does the success of your company depend on your knowledge, skills, relationships, and experience? ???? Does

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The Transition Strategists worried business man

Fear is not a business transition strategy

I spoke recently with the owner of a successful business whose two sons had been active in the company for the 20 or so years since they graduated from college. She told me that it was time for her to start putting the company into their hands, but just thinking about the process made her anxious. I had my suspicions about the causes of her anxiety because I work with owners every day who care deeply about their companies and their relationships. They are successful individuals, confident decision makers and

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Eight reasons owners decide to embark on the succession planning journey

Your Business Transition: Will it Cement Your Legacy or Stroke Your Ego?

In my prior post, I wrote about how unspoken expectations, a lack of planning, and an unwillingness to ask for help doomed the transition of a successful business between generations. Today, I share with you another story about an owner who torpedoed her transition when she let her ego determine her legacy. I hope after reading this article, you’ll think about the goals for your business transition: Will it cement your legacy or stroke your ego? Janice owned a consulting company that managed medical practices. Janice ran the company for

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The transition strategists worried business woman

Overcome Obstacles on Your Transition Journey

Over the past 12 months, I’ve been working with the management team of a company whose newly designated successor / CEO died of COVID. While the death of a successor isn’t a typical transition obstacle, it, like many obstacles, can feel like a dead end. In this article we describe just one tool we use to help you overcome obstacles on your transition journey. Three common transition-related obstacles are: A successor doesn’t accept an owner’s offer to become a successor A key employee quits when not chosen to be a

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The transition strategists compass

Our Business Succession Consultants

I’ve always resisted the term “consultant.” Maybe because the old joke pops into my mind that a consultant is the person who removes the watch from your wrist and tells you the time. When I had to pick a title for myself 30 years ago, I gravitated away from consultant and chose Strategist & Transition Guide. Now that The Transition Strategists has expanded, I share that title with all our business succession consultants. You Drive. We support. One of the principles we use in our work is: Owners are in

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Family business planning Transition Strategists family at dinner

Family Business Governance: The Dinner Table vs. The Board Table

In our last post, we asked you to consider two forms of business governance: formal and informal. As transition strategists, see the huge advantages of formal business governance, especially in family businesses and especially before transitions begin. In this article, we approach the topic from a different perspective and ask you to consider the two types of family business governance: the dinner table vs. the board table. The Advantages of Formal Family Business Governance We compare setting up formal governance to setting up a classroom in which peers share perspectives,

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Family business planning with clients

Why Bother with Family Business Governance?

Business governance isn’t a topic that excites most business owners until something happens that makes them wish theirs had it. As transition strategists, however, governance excites us because it is a critical element in the success of a business as it is transitioned from one generation to the next. In this article, we look at the objection we hear most from owners: We’re doing just fine making decisions the way we do. Why bother with family business governance? When Informal Governance Works, It’s Great! We’ll concede the point that some

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Business succession planning Transition Strategists clients

Our Answers to The Big 6™ Succession Planning Questions

One of the tools we use to help business owners organize their transitions out of their companies and onto their Next Adventures™ is The Big 6™. An owner’s answers to these six questions create a compass that guides them as they progress in their transition journeys. We’ve written about these questions and how they relate to owners. Today we turn the tables and share our answers to The Big 6 succession planning questions. The Big 6™ As a quick reminder, here are the six questions every owner must answer as

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business transition strategists with client

Living Under the Cloud of Transition Failure

Several years ago, I witnessed the catastrophic results of a business transition gone terribly wrong. A once thriving company liquidated only two years after the celebratory toasts to new ownership, and a father, son, and entire community found themselves living under the cloud of transition failure. These sad and entirely avoidable outcomes were the products of unspoken expectations, a lack of planning, and a reluctance to ask for help. Joe Watson (not his real name) was a brilliant aeronautical engineer. He held multiple degrees, including an MBA, and scores of

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