In This Episode
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!
During the show, we shared several lessons we’ve learned in our nearly two decades of advising and coaching small business owners. We often get involved in transitioning the business from the current owner to the next owner. We aren’t the guys who help with the structuring of the deal or to find ways to be most tax efficient. There are plenty of qualified attorneys, CPAs, financial planners, and insurance folks who can help you with those pieces. We’re talking about the real messy stuff that can often tank a transition before it even gets started.
To that end, we’ve identified 7 Key Pitfalls that in our experience if you handle these well then your chances of a successful transition increase immensely. But if you ignore or don’t address even one of these Pitfalls, it could blow up the entire deal. Click her to download a 1-page summary to help you figure out which pitfalls might exist in your situation.
As often happens, we were only able to get to 3 of the 7 Key Pitfalls on tonight’s show so we will get to the remaining 4 Key Pitfalls at a later date (likely late February). In any case, you’ll really enjoy the three we covered tonight!
People, Companies and Resources We Mentioned in the ShowAn Officer and a Gentleman
An Officer and a Gentleman (https://en.wikipedia.org/wiki/An_Officer_and_a_Gentleman)
Join Us Next Time
Join us next week when we will be joined by Michael Uetz and Danette Amstein the owners of Midan Marketing (https://midanmarketing.com) a full service marketing and communications focused on everything meat. We’ve known and worked with Michael and Danette since 2007 and have seen them grow from 6 employees to over 70! They have a wonderful story to share!