Imagine that in 2020 you will be transitioning, selling, or passing on your business. Who should you connect with in order to ensure you have the support network to make that transition easier?
You could sell your business to strangers, employees or family members. You could keep the business and get someone to manage it, take on a partner, or finance a buyout over time. In each case, there will be different people with whom you should connect.
Regardless of the scenario here are twelve connections you’ll want to make:
- The person with whom you plan on spending the rest of your life. If you’re like many busy entrepreneurs, you may have taken that relationship for granted, perhaps let it slide. Put some energy and attention into solidifying your connection so that the next chapter of your life has a happy ending.
- Your children. Review the comments above….
- The key employees who need to support your plan; people you can count on to work enthusiastically toward a goal that aligns with yours.
- A business coach. An individual you can trust to offer advice about how to maximize your business value and make a smooth transition away from the day-to-day operations.
- A human resources (HR) advisor. Someone who can provide guidance about treating your employees fairly; minimize the risk of expensive payouts; and prevent the loss of those who will maintain the smooth operation of the business during its transition.
- A banker who will help fund the sale if the purchaser needs assistance.
- A financial advisor to assist you to invest the proceeds in a way that minimizes taxes while providing the money you need to live the rest of your life.
- A business valuator to establish fair market value for your business and advise different ways to make the it financially attractive to unique buyer groups.
- A business broker who has connections with buyers looking for businesses and can smooth the transaction.
- A lawyer with experience in selling businesses like yours.
- Ditto with an accountant.
- A travel consultant who will help you to enjoy the fruits of your labour.
Start now to develop connections with people you like, trust and respect to make your business transition less difficult, more fun and as rewarding as possible.