Business Succession — Making the Most of the Opportunity

All entrepreneurs, at one time or another, must contend with business succession. For example:

  • Are you buying a business from someone?
  • Are you planning to sell your own business?
  • Are you taking a back seat/different role in the business you’ve built?
  • Have you taken over the helm of a business for an aging/exiting family member?

Regardless of the circumstances, you’re going to face succession issues and challenges. And the way, you deal with these issues will have a tremendous impact on you, your friends, your family and your business.

That’s why in BusinessCast Podast #110 Robert and I sat down with succession-management guru John Geddes who recently authored one of Canada’s business top sellers Succession and the Family Business: A Road Full of Potholes or Paved With Gold“. The old school of thought for succession had been “get the legal and accounting issues dealt with and everything would be fine.” But, John’s worked with enough entrepreneurs to know that the interpersonal challenges unique to family businesses must be dealt with properly to ensure a successful and smooth succession. And, that rule applies whether you’re an entrepreneur taking over a family business or an entrepreneur making plans to leave a family business to take on other opportunities.

But, John’s wisdom is universal. His insights about the emotional dynamics that play out in family businesses during succession can help any entrepreneur who serves or sells to family businesses going through difficult transitions.

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By the Numbers: Part 1

Every business entrepreneur needs to deal with numbers…and needs to deal with numbers effectively. But, the truth is that entrepreneurs often prefer to spend their time tackling the ‘big picture’ stuff – i.e. building business alliances, creating new innovations, visioning and inspiring other entrepreneurs. So, number-focused decisions are often delayed, ignored or under emphasized. But, of course, they never go away.

That’s why, in the BusinessCast Podcast, episode Business Success By the Numbers, Robert and I touch upon entrepreneurs’ three most commonly asked ‘numbers’ questions. These questions apply to all businesses regardless of size, age, industry, service/product offering or stage of growth. All entrepreneurs ask the following:

1) Do I buy or lease a car?

2) Do I invest any available cash in my (home) mortgage or in an RRSP (IRA)?

3) Who do I sell my business to? (FYI, we’ll be delving much deeper into this issue in an upcoming BusinessCast Podcast.)

BusinessCast Podcast, Business Success By the Numbers will be posted later this weekend. BTW, if you have a ‘numbers’ question, let us know. We’ll address it in an upcoming show.

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