Many folks are confused why business owners have trouble stepping back and selling or transitioning their business to the next generation of ownership. We have found in our decades of working with small business owners transitioning to the next phase in their life that one of the biggest items holding them back from exiting their business is finding ways to stay relevant.
How Do I Teach The Next Generation Everything I Know About The Business?
It’s rare that a small business owner wakes up one morning and decides it’s time to transition their business to the next generation. It’s something they usually think about for a while, likely many years before they are finally ready. But once they decide they often want it to happen yesterday. But before the current owner leaves they want to make sure the next generation knows everything they need to know about the business. So how do you figure out where to start?
How Do I Prove I’m Ready To Take Over?
Do you ever feel ready? Even going back to your earliest childhood memories. Did you feel ready for that first day of school. How about that final exam? What about that new job or promotion? Well you were certainly ready for marriage and kids right? Of course not! So why would it be any different when it comes to taking over the management and ownership of your company?
How Do I Touch The Third Rail and Survive a Transition?
For those unfamiliar with the term “third rail” we’ve including a link below talking about it’s definition in politics. The metaphor comes from the high-voltage third rail in some electric railway systems. Touching that third rail often results in electrocution so most folks don’t live to tell about it.
How Do I Get Dad To Step Away?
“Nobody puts Baby in a corner!” If you’ve ever seen the movie Dirty Dancing, then you can picture the scene with Patrick Swayze and Jennifer Grey. Well we’ve heard versions of this line with the same emotion and passion. But instead of talking about corners the business owner is talking about “Don’t push me out of my company!” We see it all the time with sports as well. Maybe you’ve seen an aging athlete on your favorite team not quite ready to give it up yet.
How Do I Put A Program Together To Judge When The Next Generation Is Ready To Take Over The Company?
One of the biggest challenges for a business owner looking to transition their business to the next generation is figuring out who to transition the business to and how to know when that next generation is ready to take over. What does it look like when someone is ready to take over the company? Will you just know it when you see it? Should you have the next generation just follow you around for six months or a couple of years to learn by osmosis?
How Do I Avoid The 7 Key Pitfalls When Transitioning My Business – Part 2
During this show, we cover the second part of a topic we started in Episode 195, the 7 Key Pitfalls When Transitioning My Business. Transitioning your business to the next owner will likely be one of the most difficult things you do in business. And you usually only get one shot at it!
How Do I Avoid The 7 Key Pitfalls When Transitioning My Business – Part 1
Running a business can be difficult. Transitioning your business to the next owner will likely be one of the most difficult things you do in business. And you usually only get one shot at it!
John Sonnhalter, Founder of Ohio Industrial Advertising (dba Sonnhalter)
We are joined in studio by John Sonnhalter, the Founder of Ohio Industrial Advertising dba Sonnhalter, a B2T marketing firm specializing in helping companies who target professional trances men in the construction, industrial and MRO markets.
Family Business Issues – When Is It Time To Leave? (Part 2)
This is part 2 of our topic on Family Business Issues for when is it time for someone to leave. We covered several questions in part 1 and tonight we addressed several more questions.