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.Read More
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
Even if you don’t plan on transitioning away from your business for years, having a comprehensive, holistic plan in place gives you peace of mind, knowing that your business, your future, and your family’s future are secure. While many owners of family businesses want to keep them in the family, often, family dynamics can present challenges and concerns not present in other business ownership structures.Read More
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.Read More
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'