If you’re a business owner in the baby boomer generation, you have a lot to think about.
With so many business owners in this category looking to exit over the next 10-20 years, it is important to determine how you will do so. We all know intellectually that the way to maximise value is to prepare really well, develop a plan, execute that plan, have something wonderful to move on to and keep that plan rolling through to completion.
Sounds simple, right?
As consultants and lawyers, we understand this process all too well, and have extensive experience working with business owners to build their plans; ensuring they are executed to achieve the desired results for all involved. However, what many lawyers often overlook is that sometimes the cycle of change can be difficult for business owners, and there are a lot of human aspects to take in to account. As an owner, you have worked in this role for a number of years, seen the business grow and evolve, and no doubt feel a sense of attachment that is hard to shake; particularly if you are unsure of whether to let go, and who to appoint as your successor. Additionally, in looking at who to transition to, there can be a lot of complex circumstances to navigate, particularly when looking at family businesses.
In this episode of the Business Owners Podcast, we are joined once again by Therese Barry, Strategic Consultant and Psychologist, who discusses the human impact of business exits and transitions – particularly when it comes to family business succession. Therese looks at the common mistakes parents often make when looking at transitioning their business to the next generation, and how to overcome potential roadblocks to this process.
*Please note that any strategies discussed by Martin and Ed are general in nature and do not take into consideration any of your personal circumstances. You must seek individually tailored advice to ensure you properly address any issues you may have around your business.