A couple of weeks ago I visited Toronto, Canada to attend “The Role of the Most Trusted Advisor” course, an intense four day professional development program offered by “The Success Care Program”, a division of BDO Canada. I attended the program to learn more about coaching entrepreneurs and family businesses. An important part in that process is to coach business owners through transitions and the sale of their businesses.
One important realization was that all businesses will eventually be sold. I remembered reading “The E-Myth”, by Michael Gerber, the book that inspired me to coach business owners on their journey to personal and financial freedom. Mr. Gerber contends that the purpose of starting every business is to sell it. He also reminds us that if you aren’t selling your business, you’re buying it, and it better “work” for you until you sell it. Who wants to work in a business that doesn’t work ? ALL businesses eventually sell, one way or another.
This realization can cause businesses owners and their family much heartburn and many sleepless nights. They know how to run their businesses, but not necessarily how to guide their businesses through transitions. They often tie their personal identity to the identity of their business. The survival of the business means their personal survival! Most business owners like to be in control and the thought of not surviving is very painful to them.
Here’s how we can help. As coaches and advisors, we help entrepreneurs and family business owners and their families control, when, where, to whom and for how much they sell their businesses. Of course, nothing is a sure thing, but we can coach and guide you through the process, the journey, of transitioning your business. As family business advisors we help make sure it’s your choice, that you are in control.
If entrepreneurs and family business owners don’t properly plan for transitions, then many times the eventual “sale” of the business is involuntary, often as a result of death, disability or bankruptcy. Those are all scary words! By making the choice to plan their transitions, business owners increase the odds that the sale of their business will be voluntary. A voluntary sale means increased odds of gaining significant tangible and intangible benefits.
Our job as advisors is not to have all of the answers or tell you what to do. We tap our training, experience and abilities to coach and guide you and your family through the transition process. You and your family make all the decisions, stay in control and are free to make the choices that are right for you. We have developed an international team of specialists who can step in to offer help and advice as needed. By working with us, you can tap into these resources effortlessly.
When’s the best time to start planning for the “sale” of your business? Now! It takes time to plan and implement any transition. The sooner you start, the more control you have and the more likely you are to successfully transition your business when that time comes. Contact us to get started today! Remember, it’s not about survival, it’s about building a bigger future for you and your family!