From family dynamics to avoiding common retirement pitfalls to the forgotten Generation X, the following posts, podcasts and video help business owners strengthen, grow and ultimately plan to transition their business.
Keeping the business in the family still requires an exit strategy as one generation hands over the reigns to the next. This post from Chief Executive offers business owners an idea of some of the factors that play into passing down the family business and a practical approach for planning the transition.
In this 30-minute video, certified financial planner Jeff Rose covers six common mistakes he has seen clients make when it comes to retirement. Jeff explains how these mistakes compromise the ability to retire on your own terms and how to avoid them.
Financial advisor Peter Huminski joins the Retirement Starts Today podcast to consider common mistakes business owners often make when it comes to selling their business. From insufficient preparation to failing to diversify to going it alone, Peter uses real world examples to illustrate common pitfalls and how to avoid them.
This podcast from Morgan & Westfield walks through the story of two business owners and how they started, ran and successfully transition their business while preserving their legacy.
While mountains of content focus on millennials and baby boomers, this post from Time reminds business owners that the future of their business may be better served by paying closer attention to the generation in the middle. The members of Generation X are few in the wake of their millennial counterparts, but positioned to be business’ next great leaders. They just might need a little help.
Good employees are the backbone of a business, but business owners know a productive, thriving workforce doesn’t just happen on its own. The posts, podcasts and videos listed below focus on issues such as attracting the right candidates so you can hire the best people, leading your employees through change and preparing them for a transition. With proper planning and strategy, you can empower your employees to thrive, even in the midst of change.
This post from Forbes takes the opposite perspective of the seller and looks at what employees often do when the new owner takes over. Whether you’re staying on to help for the transition period or not, this insight will help you be prepared for what comes next and inform decisions on how to prepare your employees for a new owner.
When a company changes hands, it can create upheaval among the employees. By taking action prior to the transition, you can empower your employees to successfully ride out the changes. This post from Inc.com goes into five different ways you can prepare the people in your company for big changes.
This video from Pacific M&A and Business Brokers Ltd. points out the importance of choosing a wise buyer in light of assuaging your employees’ fears when they learn the business is transitioning. It also considers the effects of informing your employees early vs. after the sale and what you can do to minimize any damaging effects on your employees, the business and the new owner.
This three-minute video from iQuestions.com addresses the five stages employees go through during a transition, how their process differs based on personality and role in the organization, and how to respond to these different responses to make a transition smoother and more successful.
Selling a business can be a very up and down process, which makes deciding how, what and when to tell your employees complicated. There’s no reason to make them part of all the ups and downs, plus telling them about a potential sale too early can derail the sale and hurt your options. Telling them too late can foster a sense of betrayal. Inc.com delves into the question of whom to tell, what to tell them and when the best time is to do so.
Tax season is in full swing, as business owners are all too aware. While two of the posts listed below should prove helpful for considering the tax implications of transitioning a business, the other two offer a break from the subject of taxes by focusing on how a business transition fits into the bigger picture.
In the spirit of the season, this post from Inc.com discusses some of the strategies you will need to consider for tax purposes as you prepare to sell your business. Proper planning with the help of an expert can greatly reduce your tax burden and help you structure the sale to avoid huge bills from the IRS.
Selling your business is likely part of a bigger picture, namely retirement and what that will look like for you and your family. This post from Forbes addresses the subject in terms of creating a comprehensive plan for retirement income, considering the trade-offs with social security, how much it takes to fund retirement and the best time to leave the working world behind.
Business owners know the importance of having an exit strategy, but when you’re working on your business it can be hard to carve out time to think through a sale you’re not planning to make anytime soon. This podcast from Florida-based brokerage Morgan & Westfield discusses the importance of giving attention to an exit strategy long before selling is on your mind.
This post from law firm Miller Nash Graham & Dunn digs into the details of how tax laws play out in the sale or purchase of a business here in the northwest, shedding light on the laws surrounding business transactions and their real-world application.
The process of selling your business encompasses everything from financial matters to family considerations to the (often unexpected) psychological and emotional effects of suddenly not being an owner. As you shape your plan for transitioning your own business, the following list of articles can help you consider a few of these aspects and how to handle them.
As a business owner looking toward your own retirement, you’re likely aware of the need to prepare your company to run without you. As you hand off the reigns, consider carefully what the generational makeup of your company will communicate to a buyer. This article from Generational Equity sums up the growing issue of brain drain in the marketplace and what you can do to prepare your business to thrive beyond this generation and the next.
Generational differences can be tough to overlook, but stanching the brain drain will likely require bringing on some millennials to ensure your business outlasts your ownership. Tire Business published a series of posts examining the overarching traits of the multiple generations currently active in the workplace. Knowing what you can expect from much of the Y generation can help you define which traits will help your business, which traits to avoid and how to screen for these in your hiring process.
(As a side note, if the very thought of the “everybody gets a trophy” generation makes you roll your eyes, remember not every millennial was happy to receive a trophy inscribed “Participant.”)
Building a business is a long, involved and difficult journey. Signing on the dotted line may signal the official end of your role, but it doesn’t erase the connection you’ve built with your work. Just as you planned for the succession of your business, planning for your life after the sale will help make your own transition smoother. This post from Harvard Business Review confronts the little-discussed issue of transitioning from business owner to retiree, with suggestions for avoiding the emotional fallout.
Transitioning a business demands just as much attention as building one. This Seattle Magazine article covers many of the steps you can expect to take in your transition plan as well as advice for avoiding common pitfalls.