Succession & Transition Planning
March 20, 2020
In his book, The Five Dysfunctions of a Team, Patrick Lencioni lists the absence of trust as the foundation for all the other dysfunctions. What causes a lack of trust? Although there are multiple reasons, lack of transparency is a key factor.
I k...
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February 24, 2020
Expect to encounter resistance as you consider transitioning your business, whether you are preparing to sell, or set it up in a way that works better for you in the future. It will be like running into the wind as new pressures, issues, and emotions...
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January 28, 2020
Why do you want to sell your business?
A business owner I interviewed for The Business Transition Crisis shared that the day he saw the money in his bank account from the sale of his business was the happiest of his life. Unfortunately, it went down...
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December 19, 2019
Business succession can be a stressful process.
While some stress can be positive in the short-term, chronic negative stress leads to burnout and irreparable damage to our bodies. You will want to take steps to avoid and minimize the impact of d...
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November 25, 2019
Your business has a culture: good, bad or indifferent, it’s there. To you and your seasoned employees, it’s probably invisible. But it’s apparent to new employees or any prospective purchasers of your business. You and your management team may ...
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October 18, 2019
What will you do after you transition away from your business? That’s the big question for many entrepreneurs. For most employed individuals, who have ‘normal’ work lives, the answer is easier: outside of work, they have sports, hobbies, family...
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September 23, 2019
I have an important question: If you don’t plan and lead the transition of your business who will?
I’ve been beating this drum for several years and sometimes it feels futile. The statistics and the reality of your image in the mirror should...
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August 26, 2019
Who has the right personality to take over from you? As you plan your succession, it would be wise to give some thought to the type of person who can continue to build what you’ve created. On one level you might want to try to clone yourself. After...
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July 23, 2019
I imagine you consider yourself busy. That’s your life. As a business owner/entrepreneur you’ve probably been busy for decades. It started when you decided to own your own business. You put in long days and nights working on everything from clean...
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June 24, 2019
In the British monarchy, the eldest son of the current ruler has always been the legitimate successor to the crown. If there were no sons, then the eldest daughter stepped up – hence the great queens Victoria, Elizabeth I and II. This system has be...
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