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What’s next? Build transferable value to beat your competitors
We’re all experiencing fear and uncertainty due to COVID-19, especially in terms of safeguarding our family and friends. Business owners are also wondering “what’s next” when it comes to securing or maintaining our business’ value.
When you’re ready to transition out of your business, what’s next?
Even during this uncertain time, business owners are exiting their companies. The question is: are they doing it on their terms? Frankly, most owners only transition out of their business once in their lifetime. Doing it right means it’s a win-win for the current owner, the new owner and the employees.
Turning over a family business is no small feat
Family businesses play a key role in our economy. According to the Family Owned Business Institute at Grand Valley State University, there are 5.5 million family businesses in the U.S., contributing 57% of the GDP. Passing on the business from one generation to the next is clearly important – not just for the companies and families involved, but for our economy.
Maintaining Business Value: The Post Covid Economy
We’re all experiencing fear and uncertainty due to the Covid-19 virus- in terms of safeguarding our
family and friends and securing or maintaining our businesses. As for our own personal safety, the
mandatory “stay at home” procedures and self-quarantine actions are likely the best strategies at this
time…hopefully, the virus will peak soon, and we can begin to re-build our lives.
Transitioning the Business on Your Terms
The primary goal of every business owner is to “cash in” their chips and retire from their business on their terms. Ideally, this includes selling to a larger company for huge windfall or transferring the ownership to an existing owner, the key employees or “business active children”. The problem is that most contractors and other small business owners don’t prepare their business for this all important once in a life time event…instead they “roll the dice” and hope that the chips will fall in their favor. Unfortunately, most of these transfers are unsuccessful and result in “seller’s remorse”.