“Succession Planning For Your Business – Better Now Than Later!”
“Succession Planning For Your Business – Better Now Than Later!”
By J. Glenn Ebersole, Jr., Founder & Chief Executive of J. G. Ebersole Associates and The Renaissance Group ™
Do you, as a business owner, have a succession plan or exit strategy for your business? Do you, as an employee, know if a succession plan or exit strategy exists in your company or organization? This subject is one of the most critical aspects of owning and managing a business, yet it is also one of the most neglected aspects.
Many business owners spend years and years building and growing their business, but without giving any thought to an exit strategy. An effective and smooth exit requires very sound planning several years in advance of the actual exit from the business. The exit strategy must be part of your strategic planning process and a specific long-range goal within your strategic action plan. This type of sound planning will prepare the business for new ownership and for the owner’s financial security afterwards.
A 2004 CIBC Small Business Outlook Poll (conducted by Decima Research), indicated that 39% of small business owners plan to sell their business and 15% plan to have a family member take over. Yet, two-thirds (67%( of the entrepreneurs polled stated that they had not yet broached the subject of who will take over the company. To me that result is very telling and frankly is a motivator for writing this article.
I have observed the pain of some people in business that failed to heed the call to action to do business succession planning. They were forced into an ownership dilemma in some cases and ownership disasters in others. If you want to experience a “pain-free” transition in your business, then it is essential to start NOW to develop and adopt a clear and comprehensive succession plan (years ahead of your exit from the business).
Business succession planning prepares the company and the employees for future needs. It is an ongoing process that plans, administers and assesses employees and trains them to attain higher levels of responsibility as the need arises. The goal is to get the right person in the right position. Succession planning is not just important for today’s owners and employees, but also for customers, suppliers, vendors, future employees, employee families, the community and other stakeholders.
So, let me pause for a moment, and ask if I have your attention yet? Have I precipitated some thoughts in your mind about why you need to begin to work on business succession planning NOW, NOT LATER! Well, just in case you are still not persuaded, please consider that 91% of U.S. businesses are family-owned and one-third of the Fortune 500 are family-owned or family controlled. Yet only 30% of family-run companies succeed into the 2nd generation. Worse yet, only 15% survive into the 3rd generation. The major reason, according to many experts is the lack of an orderly business succession plan.
Hopefully, you will begin doing some homework on business succession planning and are committed to do it NOW, NOT LATER! Please don’t be like many business owners who don’t consider exit strategies until they have one foot out the door. If you make that mistake, you will limit your possibilities, especially if you are anxious to leave the business. The bottom line is that there is no reason you cannot start preparation NOW with planning regardless of the point in life of the business. My most compelling, earnest and honest advice to you is DO IT NOW, NOT LATER!
To learn more about the critical subject of business succession planning and what you can do in your business to assure a smooth transition of ownership, please contact Glenn Ebersole through his web site at www.renaissanceman4u.com or by email at jgecoach@aol.com.
Succession Planning For Your Business Better Now Than Later - To learn more about this author, visit Glenn Ebersole's Website.
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“Succession Planning For Your Business – Better Now Than Later!”
By J. Glenn Ebersole, Jr., Founder & Chief Executive of J. G. Ebersole Associates and The Renaissance Group ™
Do you, as a business owner, have a succession plan or exit strategy for your business? Do you, as an employee, know if a succession plan or exit strategy exists in your company or organization? This subject is one of the most critical aspects of owning and managing a business, yet it is also one of the most neglected aspects.
Many business owners spend years and years building and growing their business, but without giving any thought to an exit strategy. An effective and smooth exit requires very sound planning several years in advance of the actual exit from the business. The exit strategy must be part of your strategic planning process and a specific long-range goal within your strategic action plan. This type of sound planning will prepare the business for new ownership and for the owner’s financial security afterwards.
A 2004 CIBC Small Business Outlook Poll (conducted by Decima Research), indicated that 39% of small business owners plan to sell their business and 15% plan to have a family member take over. Yet, two-thirds (67%( of the entrepreneurs polled stated that they had not yet broached the subject of who will take over the company. To me that result is very telling and frankly is a motivator for writing this article.
I have observed the pain of some people in business that failed to heed the call to action to do business succession planning. They were forced into an ownership dilemma in some cases and ownership disasters in others. If you want to experience a “pain-free” transition in your business, then it is essential to start NOW to develop and adopt a clear and comprehensive succession plan (years ahead of your exit from the business).
Business succession planning prepares the company and the employees for future needs. It is an ongoing process that plans, administers and assesses employees and trains them to attain higher levels of responsibility as the need arises. The goal is to get the right person in the right position. Succession planning is not just important for today’s owners and employees, but also for customers, suppliers, vendors, future employees, employee families, the community and other stakeholders.
So, let me pause for a moment, and ask if I have your attention yet? Have I precipitated some thoughts in your mind about why you need to begin to work on business succession planning NOW, NOT LATER! Well, just in case you are still not persuaded, please consider that 91% of U.S. businesses are family-owned and one-third of the Fortune 500 are family-owned or family controlled. Yet only 30% of family-run companies succeed into the 2nd generation. Worse yet, only 15% survive into the 3rd generation. The major reason, according to many experts is the lack of an orderly business succession plan.
Hopefully, you will begin doing some homework on business succession planning and are committed to do it NOW, NOT LATER! Please don’t be like many business owners who don’t consider exit strategies until they have one foot out the door. If you make that mistake, you will limit your possibilities, especially if you are anxious to leave the business. The bottom line is that there is no reason you cannot start preparation NOW with planning regardless of the point in life of the business. My most compelling, earnest and honest advice to you is DO IT NOW, NOT LATER!
To learn more about the critical subject of business succession planning and what you can do in your business to assure a smooth transition of ownership, please contact Glenn Ebersole through his web site at www.renaissanceman4u.com or by email at jgecoach@aol.com.
Succession Planning For Your Business Better Now Than Later - To learn more about this author, visit Glenn Ebersole's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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