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

Seven Secrets for Business Ownership Transition Success

Posted by Kathy Richardson-Mauro on Tue, Nov, 03, 2015 @ 01:34 PM

There are many factors that contribute to a successful business transition. Here are seven key areas that owners need to understand and address that can help lead to a positive transition experience. This takes time, but it is worth the effort. When it comes to planning for the future of your business, your family and your retirement, there are no shortcuts to success.

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Topics: baby boomer businesses, business transfer, business transition, business ownership transition, selling your business successfully, business ownership transition success