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

14 Key Elements of Successful Internal Business Ownership Transfers

Posted by Jane Johnson on Tue, Jan, 19, 2016 @ 04:00 PM

Selling or transferring your business internally rather than externally generally offers a distinct advantage: you already have an identified buyer or successor with a working knowledge of the business and an interest in acquiring it.

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Topics: Selling Your Business Internally, Internal Transfers, succession planning, internal sale of your business, choosing a successor, selling to your employees, Grooming a successor, passing business to my family'