In This Episode
During tonight’s show, we covered the second part of a topic we started on January 29, 2020, 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!
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 you’re 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.
Tonight we covered Pitfalls 4-7. If you want to listen to the show where we covered pitfalls 1-3 click here (https://dirtysecretsofsmallbusiness.com/episode/how-do-i-avoid-the-7-key-pitfalls-when-transitioning-my-business-part-1/). Enjoy the show!
People, Companies and Resources We Mentioned in the Show
- Paul Harvey and The Rest of the Story (https://www.npr.org/2014/10/09/354718833/the-rest-of-the-story-paul-harvey-conservative-talk-radio-pioneer)
- Greater Akron Chamber of Commerce (https://greaterakronchamber.org)
- 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!