Posts tagged with: transition timeline
How do you know when it’s time for a transition? Is it a transition or a transaction or both? Is it your conscious decision, or are things so out of control in your business, you are at a distinct disadvantage? How do you know?
In your business, deciding it’s time for a transition can be colored by a myriad of issues, events, or individuals. A transition can take years to explore, refine and execute.
Strategically planning each step will keep you in control. In contrast, having no plan will take away all your control and leave key decisions up to others.
Take a moment to read the following statements. Do you AGREE or DISAGREE with each statement?
- The business is running well, but I’m bored.
- There’s more to life than running this business, I want to do something different.
- That burning desire to compete isn’t there anymore. I may be “burnt out.”
- I thought all along that my children would take over the business. Now they’ve found other ventures they want to pursue. I don’t know what’s next.
- I’ve been approached by a competitor, I want to know what he’ll pay for my business but I don’t want to ‘give away the store’.
- The market for companies like mine is hot. It may be a good time to sell, but I’m not ready.
- I/my spouse had a health scare. I hope it’s not too late to ‘smell the roses’.
- I’ve been working in my business so long I really don’t know what it would be worth to anyone else.
- I’m tired and drag myself to work most days.
- I don’t know if I can afford my lifestyle if I let go of the business now.
- I can’t sleep at night because I feel like I’m being held hostage to my business.
- My company is starting to lose market share, revenue and/or profits. It’s a trend I don’t know how to fix.
- Most of my wealth is illiquid tied up in the business. I want to diversify by taking some chips off the table.
- We never drafted any contingency agreements. Now family and partnership relationship issues are emotionally draining me and putting the business at risk.
- When I leave my business, I want it to be on my terms and from a position of strength.
How many of these statements describe you right now?
If you AGREE with 0-2
Your company is not facing an imminent transition.
If you AGREE with 3
You would benefit from a frank conversation with a specialist about your transition timeline
If you AGREE with 7-10
Call for a free consultation now, before one more issue arises to derail the business or your transition opportunities
If you AGREE with 10-15
You needed to start transition planning years ago. We can get you back on track and in control. Call today.