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?
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.
“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.
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?
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!
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!
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.
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.
Family can be a blessing and a curse. That’s true whether you are talking about real life or your business. At times we can become too “familiar” with each other. Usually when that happens with family in the business we will overlook things that we wouldn’t otherwise overlook in our employees or business partners who aren’t family. Too often, it comes to the point where someone needs to leave. So what do you do?
We are joined in studio by Alex Gertsburg, owner of The Gertsburg Law Firm), a law firm that is quite unlike other law firms you’ve encountered. In fact, The Gertsburg Law Firm is the result of lessons Alex learned earlier in his career working for a combination of big law firms and then going in house where he had to hire outside counsel. In short, Alex couldn’t find the right firm to work for or hire so he created it