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...

“Regarding our working relationship with Business Transition Strategies. After 32 years of continuous growth we hit 2009 & 2010 and like many companies we went flat and in 2010 had our first loss. At this point we knew we had to make changes if we where to succeed in this new economic environment. Business Transition Strategies (BTS), particularly John Howe and Ken Schaefer, were brought on as consultants. The BTS team came in, evaluated everything in a professional and thankfully non-threatening manner. They interacted with all employees and our professional partners. Once this was done they presented their findings to the executive group and gave very specific suggestions for improvements. This done and a plan in place, John & Ken continued to help us move forward and implement changes and make adjustments where needed. I am happy to say we are back to being a growing and profitable business and I believe BTS played a big part in making this happen. I would recommend to anyone that they include BTS as part of their business plans for the future.”

- Christina

Advisory Client