By MarksNelson on September 7, 2018You may be asking yourself, “If I don’t plan on leaving my business, why would I need Succession Planning?” Many business owners ask us that very same question. There are three key ways in which Succession Planning can help you and your business, even if you never plan to leave it.
By MarksNelson on August 8, 2018Planning a business exit can seem like a lot of work at first. From building business value to developing capable successors to figuring out exactly what you want to do with your life after you leave, Succession Planning might look like too much work for one person to do. In our experience, Succession Planning isn’t something that business owners can tackle alone if they want to exit on their terms. But with so much to do, where can you start?
By MarksNelson on June 27, 2018If you’re considering transferring your business ownership to family, you might be tempted to put your family’s wants over your own goals. While this altruism may be admirable, it can also cause more problems than it solves.
By MarksNelson on June 4, 2018According to surveys, up to 79% of business owners plan to exit their businesses within the next ten years, with more than half saying they want to exit within the next five years. However, many business owners fall into the trap of the “rolling five-year Exit Plan,” in which owners constantly reset their exit dates for five years later. This often prevents them from taking tangible steps to accomplish their exit goals.
By MarksNelson on May 4, 2018Generally, business owners feel comfortable being owners. They enjoy what they do, but rationally, they know they need to change their roles in their businesses eventually. But most owners don’t resist planning their exits on a rational basis. Instead, they resist Succession Planning at an emotional level.
By MarksNelson on March 22, 2018For business owners, the idea of exiting their businesses, which for many owners define their professional lives, can seem like a gigantic undertaking. They ask themselves, “How can I possibly do all of this? Where can I go for help, and what do I need to know?”
By MarksNelson on January 19, 2018For many business owners, building their successful businesses began by accurately determining what they had. Whether their businesses provide products, services, or ideas, the success they experienced didn’t come to them blindly. It likely took years of refinement, study, and analysis to figure out the best way to establish and deliver the thing that makes the business successful. The same is true when discussing business exits.
By MarksNelson on January 9, 2018With the new year upon us, many people have begun their journeys to fulfill their New Year’s resolutions. For business owners, it’s no different. Between creating goals for the business to achieve and assuring that the business keeps growing, owners will have much to consider this year.
By MarksNelson on November 30, 2017We often hear owners say they want to transfer their businesses to third-party buyers when they first encounter the concept of Exit Planning. However, we’ve observed that in many completed Exit Plans, owners actually choose to transfer their businesses to employees. Some reasons for this decision include employees knowing the culture and values of the business, a desire to keep the business with people the owner knows and trusts, and employees’ inherent desire and commitment to grow the business.
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