In This Episode
This episode was designed to be the first of a 2-part series focused on helping both current owners and potential next generation owners figure out how to transition the business. Well, we only got about half way through the questions for the current owner this week so we will cover the second half in next week’s show. After that we will get into questions from the next generation’s standpoint.
Your questions and concerns as a current owner or a future owner are related but different. It’s important that each of you understand yourself as well as the other side when it comes to a transition. Part of the goal of these shows is to help you identify where you are in the process of Transitioning and also hopefully identify what is the biggest gating item keeping you from executing this Transition.
Some of the questions we addressed today include:
- How do I know when the next generation is ready to take control?
- How do I let the next generation learn from their own mistakes without damaging the company?
- How do I let the next generation know what they should be worrying about?
- How do I ensure that my business lives beyond my involvement in it?
We also shared several real-world stories for how these questions and issues have been addressed both successfully and not so successfully. Enjoy!
People, Companies and Resources We Mentioned in the Show
- Ben Ihde and D&S Color Supply (http://www.dscolorsupply.com)
- Ben Ihde’s appearance on DSSB (https://dirtysecretsofsmallbusiness.com/episode/how-i-got-from-entry-level-job-to-owner-ben-ihde/)
- Lisa Holly & Berea Moving & Storage (https://www.bereamoving.com)
- Lisa Holly’s appearance on DSSB (https://dirtysecretsofsmallbusiness.com/episode/lisa-holly-president-ceo-of-berea-moving-and-storage/)
- 7 Keys (http://maximumvp.com/7-keys-to-success/)
Join Us Next Time
Join us next week when we will continue our discussion from today’s show and then move on to the flip side of this issue when we discuss Business Transition from the next generation standpoint. Some of the questions we will address next week include:
- How can I be helpful and avoid being an impediment in the transition?
- How do I make sure I’m fair to all the kids? Who should be in charge?
- What am I going to do next? What does “retirement” look like?