Getting Started on the Future

Recently we met with members of a CEO peer group to discuss transition strategies for them and their companies. While the group included people in differing life stages, all shared the same concern: how long do I hold onto the business and when should I begin planning for the ‘next phase’.

The second question is easy to answer: Now.

It is very common for extremely successful entrepreneurs to build multi-million dollar enterprises and yet have no plan about what to do when it comes time to exit. Here’s four good ones to tackle.

  • Shore up financial performance. Financial strength, both in the business and at home, gives you options
  • Review the organizational structure. Being able to delegate gives you time to think, and makes a transfer easier to accomplish.
  • Your role in a transition. Sellers are often needed, even after a sale, to assure customer continuity. Make sure you are young enough to fill this role without interrupting your plans for what’s next.

Although not as exciting as a new product, or achieving a ales goal, preparing for a transition is just as important.

The question about timing is highly personal, but one thing is for sure: interest is strong right now for well-run, profitable companies.

What our clients are saying...

“I retained Business Transition Strategies to handle the sale of my company, which manufactures machined parts for a diversity of sectors. The entire process went smoothly and professionally. The BTS team kept me fully informed at every step. They worked hard and were effective in bringing the deal home. Their data room system, with a lot of information loaded in advance, saved time during due diligence. I would recommend John Howe, director, and Ken Schaefer, deputy director and the entire BTS team to any private company considering selling.”

- Scott MacDiarmid

MacDiarmid Machine Corporation