Blog Archives - Page 8 of 10 - The Transition Strategists

6 tips for talking about your business transition

Successful business owners are typically visionaries. They have the ability to look ahead, anticipate both threats and opportunities and take action accordingly. Just as typically, the eventuality they will one day leave their companies can be a blind spot. Even owners who recognize they will put their companies in the hands of successors “someday” often don’t know how to approach the topic with others without making everyone uncomfortable — or worse. If you are one of these owners, here are six tips we share when we coach owners through introducing

Elizabeth Ledoux April 25, 2022

How To Go From Pushy Parent to Inspiring Leader in Your Family Business

Business Succession Consultants

Succession planning, business transition planning, business succession planning and exit planning: These are just a few of the terms that business owners see in messages, posts, and newsletters from their CPAs, attorneys, investment advisors, life insurance agents, business consultants, business brokers, and even their bankers. Unlike business succession consultants, many of these professionals have added exit or succession planning to their core practices. Regardless of what they call themselves, all mean well: They want to contribute their expertise to help business owners transfer their companies to family members, employees or

Elizabeth Ledoux March 2, 2022

Top Four Assumptions Business Owners Make About Succession Planning

I’ve written before about why it’s never too early to start business succession planning. Yet, even when owners recognize the benefits of planning for the transition of their companies well in advance of any transfer, some continue to put it off. Why? In my work with business owners, my team and I identified four assumptions that they commonly make about the succession planning process. 1. Expect perfection When owners begin to get a clear picture of everything that’s involved in a successful business transition, many get stuck. For good reason!

Elizabeth Ledoux March 1, 2022

The Transition Strategists two men at computer

Business Transition Strategies

The first question that owners typically think about when they begin to look ahead to leaving their companies in a successor’s hands is some variation of How much is my business worth? or How much cash do I want or need when I leave? How much . . . ? is a critically important question, but it stops many owners from making any progress in creating their business transition strategies. The Transition Roadmap Developer™: The Gold Standard of Business Transition Strategies Our proprietary business transition planning process, The Transition Roadmap

Elizabeth Ledoux February 28, 2022

The LoCo Experience By LoCo Think Tank - Successful Small Business Transition with Elizabeth LeDoux, Founder and CEO of The Transition Strategists - Elizabeth Ledoux Podcast Interview LoCO Think Tank

Elizabeth Ledoux Podcast Interview LoCO Think Tank

Curt Bear, host of the podcast The LoCo Experience,* sat down with Elizabeth Ledoux to talk about her journey from engineering student at the Colorado School of Mines to systems designer for medical and dental practices; from petroleum engineer and mom of two to student of human behavior; from founder of an international consultancy to author and now founder and current CEO of The Transition Strategists. Elizabeth Ledoux Podcast Interview LoCO Think Tank – a great listen! Elizabeth shares some of the insights she’s picked up from her experience

Elizabeth Ledoux February 11, 2022

Five Communication Tips for Owners Contemplating Business Transitions

The playwright George Bernard Shaw said, “The single biggest problem in communication is the illusion that it has taken place.” Statistics from family businesses in transition certainly agree. The Family Business Institute cites a 2005 Canadian Federation of Independent Business survey that found that “…while 74% of the senior generation leaders report there is a clearly communicated succession plan, 78% of their successors report there isn’t!” Based on the work my team and I have done with numerous owners to craft transitions for their businesses — many of them multi-generational

Elizabeth Ledoux February 4, 2022

How To Go From Pushy Parent to Inspiring Leader in Your Family Business

When addressing the topic of resolving conflict in family businesses, my team and I often discuss the common points of friction between parents and children primarily during the transition from one generation to the next. In this article (How To Go From Pushy Parent to Inspiring Leader in Your Family Business), let’s take a broader view of the parent/child dynamic in family businesses, and I’ll suggest five strategies to move to a new paradigm — that of inspiring leader/inspired successor. In every family business, there’s, well, a family relationship. The

Elizabeth Ledoux January 10, 2022

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

Family Business Transition to the Second Generation

Do you own a business that you’d like your children to run one day but just haven’t put a transition plan in writing? If so, you are not alone. According to a recent survey of 230 family business leaders in Mexico, Canada, and the U.S., you are in the 66% of owners who have not yet created the type of plan necessary to orchestrate a family business transition to the second generation. Business Continuity vs. Succession Plans Many owners tell us that they have business continuity plans in place to

Elizabeth Ledoux January 3, 2022

4 Ways To Prepare Your Child To Become Your Successor

Take Charge of Succession Planning

When working every day to run and build your business, it can be difficult to imagine your business without you and you without your business. Yet at some point, owners do begin to think about whether and how their businesses will continue after they leave and move on to their Next Adventures™. We know that the process of business succession planning raises a ton of questions in owners’ minds, so our job as transition strategists is to help owners take charge of business succession planning and put them on track

Elizabeth Ledoux December 14, 2021