Everything Ends!

Richard Munro, Partner - Alternate Business Strategies

A recent LinkedIn post from Dan Collins resonated with me: "Everything Ends!!"

This stark reality underscores the urgent need for a well-thought-out succession / exit strategy.

A robust strategy is more than just a selling decision and has many elements. This could include streamlining operations to boost profits or revenue streams, clarifying the future opportunities for those to come, developing pathways for the owners to remove themselves from the key roles with delegation to others and potential rewards for key team who may have assisted.

We have found that many business owners find the transition from active driver within the business to “Chairman of the Board” a significant challenge.  They take pride in what they have built and is a key to their ego. Unless they want to be “part of the furniture” when succession or exit occurs then clearing the way is an important and valuable step.

By leaving it too late to start planning can lead to a rushed, patched up race due to lack of time. Success doesn’t come overnight!! Effort, leadership, commitment, empathy, are a few of the key values needed.

Having planned strategies that strengthen the foundations and position the business for future success will encourage those who come next to invest their time and money.  As the leader/s you will be better equipped to manage and maximise the return.

Being ready will help provide the opportunity for a successful transition.  As another friend recently put it – it’s like a relay, all parts of the process need to flow to “pass the baton” – the more smoothly that can be achieved the more chance of winning.

It’s about protecting your legacy and your family.

Should you require further information please contact:  richard@alternatestrategies.com.au