Blog Library

Identifying and Preparing Successors for a Business Transition

Posted by Kathy Richardson-Mauro on Tue, Jun, 21, 2016 @ 03:52 PM

There can be many advantages to selling a business internally, but there can also be some challenges. One of the main challenges is maintaining objectivity about the situation, including your potential successor’s capabilities and whether they align with the needs of the company. If you plan to transition your business internally, make sure that you take the time to properly evaluate your potential successor(s) and develop his or her business and leadership skills well in advance of when he or she will actually take over the business. Some managers are fit for future leadership, and possibly ownership, while some are not. Going from an employee to an owner is an interesting and tricky process that can be a challenge even for the most skilled manager.

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Topics: family business planning, Business Ownership Transition Planning, succession planning, business ownership transition success, choosing a successor, Grooming a successor, passing business to my family', family business challenges, family business successors

How to Plan a Successful Business Ownership Transition

Posted by Kathy Richardson-Mauro on Thu, May, 12, 2016 @ 03:51 PM


“While 54 percent of business owners plan to leave their business in the next 10 years, 72 percent [of those] have taken no exit planning action,” according to a recent study. For most business owners, their business is by far their largest asset, and not properly planning for its transfer can put them, and their employees and family members, at risk. Being prepared is the key to success. It starts with owner education, allowing enough time to plan, seeking the best advice, and creating a Business Ownership Transition Plan (BOTP). A BOTP is a comprehensive written document that outlines how and when the ownership of a business will be transferred to others, either internally or externally, in order to achieve the owner’s long-term financial and personal goals.

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Topics: Business Ownership Transition Planning, exit planning, selling a business, business ownership transition, selling your business, selling my business, deal structure, business transition plan

Control—Deception, Trap, or Necessity?

Posted by Jane Johnson on Thu, May, 21, 2015 @ 10:00 AM

Control as Deception

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Topics: Business Ownership Transition Planning, business ownership, business transition, business ownership transition, business transition planning

Succession—What It Is and What It Isn’t

Posted by Kathy Richardson-Mauro on Tue, May, 12, 2015 @ 10:00 AM

Success is the root of the word succession. But often the succession of a business is far from successful. I believe this is partly due to a narrow understanding of the word, which follows the dictionary’s definition. Here is how the Merriam Webster Dictionary defines succession:

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Topics: Business Ownership Transition Planning, business owner transition, business transition, business ownership transition, business transition planning, succession

Boost Your Company’s Value by Establishing Professional Processes and Procedures

Posted by Kathy Richardson-Mauro on Thu, May, 07, 2015 @ 10:05 AM

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Topics: Business Ownership Transition Planning, business owner transition, business planning, increase business value

How Small Business Can Replicate the Big Business Seller's Advantage in Today's Market

Posted by Kathy Richardson-Mauro on Tue, Apr, 21, 2015 @ 09:39 AM

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Topics: Business Ownership Transition Planning, business owner transition, sell your business, baby boomer businesses, sale of a business, Why Most Small Businesses Don't Work and What

Top 5 Factors That Determine the Value of Your Business

Posted by Jane Johnson on Thu, Apr, 16, 2015 @ 10:05 AM

There are five main factors, three internal and two external that can influence the value of a privately held company:

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Topics: Business Ownership Transition Planning, business owner transition, business planning, business value

Recurring Revenue – A Key Strategy to Boost Business Value

Posted by Kathy Richardson-Mauro on Tue, Apr, 14, 2015 @ 10:05 AM

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Topics: Business Ownership Transition Planning, business ownership, business planning, business transition, recurring revenue

The Role of Asset Protection in Transition Planning

Posted by Kathy Richardson-Mauro on Tue, Mar, 31, 2015 @ 09:25 AM

Proper transition planning creates a holistic, comprehensive, integrated plan that enables owners to one day monetize their business to provide financial fuel for another phase of life. At Business Transition Academy Inc., our definition of a Business Ownership Transition Plan™ offers a clear depiction of what we believe a transition plan is and accomplishes 

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Topics: Business Ownership Transition Planning, business owner transition, transition planning

Develop a Contingency Plan - Ensure That Your Business Can Go On Without You

Posted by Jane Johnson on Thu, Mar, 26, 2015 @ 10:00 AM

Have you developed a contingency plan for your business in case you die or become disabled? This is critically important. How many families and incomes would be affected if something happened to you tomorrow? How would your business function without you? Is there a written and realistic plan in place so that your management team and family could keep the business prospering?

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Topics: Business Ownership Transition Planning, business owner transition, business ownership, baby boomer businesses, business owner, contingency plan