The 6 People You Need on your Business Transition Team
When you prepare to sell your business, you want advisors who will address issues including management succession, potential acquirers, tax issues, the best deal structure, the best negotiation approach, how to reward your employees, and the time frame to complete the transaction.
6 Spousal Responses You May Hear During a Business Transition
The relationship between you and your spouse is important, and both voices need to be involved in planning for you and your family. An impending transition will invite various spousal responses, and it benefits you to anticipate what those responses might be and to plan your reaction accordingly.
Financial Security After Selling Your Business
Financial security means different things in your pretransition world than in your post-transaction world. Pretransition, financial security refers to your confidence that the business will continue generating the cash necessary to support the lifestyle your family has come to appreciate. Your family’s financial security is embedded in the business.
How to Handle Inheritance
No matter what financial circumstances you find yourself in, every business owner should have an inheritance plan in place.
Multigenerational Business Transitions
“Love is equal, but money doesn’t have to be.” People struggle with this concept, particularly in relation to transitioning a business within a family, and there’s no single answer that’s right or wrong.
Protecting Employees and the Community During a Sale
The affinity business owners feel for their employees, no matter their station within the company, is unique and heightened by a sense of pride.
The 7 Elements of Family Wealth Education
When you sell your business, there is no longer a paycheck coming into the household that sustains your family lifestyle or their sense of security.
Why You Should Bite-Size Your Life After Selling Your Business
Before your business transition, don’t feel like you must plan for the rest of your life. Begin by planning in segments, starting with just the first three to five years. How do you want to spend the first few years of your life?
Relationship Dynamics in a Business Transition
The involvement level of a spouse or partner in the sale of a business can vary based on how engaged they have been with the business itself. While some spouses are an intricate part of the company, others have an entirely separate career and set of interests.
Avoid the Post-Business Transition “Cocoon Period”
Business owners love identifying obstacles and puzzles and then overcoming and resolving them. Creating products or services and solving problems brought you purpose, satisfaction, and pride in life.
Finding New Purpose in Relationships After a Business Transition
As business owners and entrepreneurs, your business has been your passion. It’s where much of your energy, successes, achievements, and your middle-of-the-night wake-ups were focused.
Passing on Your Business to your Children
The sale of your business has a significant impact on you and your spouse emotionally, physically, and financially. Sometimes forgotten is the effect it will have on other members of the family, beyond even your spouse—your children and grandchildren.
Rediscovering Learning and Vocation After Selling Your Business
A vocation can take on numerous forms post-sale—anything from purchasing a new business to acting as an industry consultant to moving full-time into the realm of your personal life.
The Five Personal Elements of a Business Transition
Entrepreneurs don’t know what issues they’ll face during the transition, so they do not know what issues to plan for. While you might be telling yourself “ignorance is bliss,” you’re failing to consider the kinds of challenges awaiting you.
Your Resume, Your Legacy
For some people, legacy is entirely about family. This often relates to the age and stage of life of the transitioning entrepreneur-owner.