Most entrepreneurs and multi-unit franchisees’ long-term vision involves owning a business to build wealth, support a lifestyle and live off the cash after a one-day sale. However, successful owners know this dream can become a reality with the right business succession strategies, starting with the end in mind way before exiting the business.
Protecting the business means you have processes, people, and financial capital to ensure the company can continue in your absence. But, unfortunately, we often see a hub and spoke model, where the owner is the center of the universe, calling the shots. Whether it be contingency planning, scaling for growth, or positioning the business for future sale, the company must be able to survive and thrive beyond one key leader’s involvement.
In this episode, Michael Einbinder with Einbinder and Dunn and The Rawls Group’s succession planner Jeff Bannon discusses key strategies to protect and grow your business. Further, Jeff and Michael share a few horror stories to provide insight into pitfalls you can avoid.
For more insight:
Visit the Multi-Unit Franchising: Succeeding Despite Economic Uncertainties discussion page or select one of the additional episodes of the series below:
- Strategies for Multi-Unit Franchisees to Succeed Despite Economic Uncertainties
- Determining Your Best Multi-Unit Franchising Strategy
- Incentives to Attract & Retain People For Multi-Unit Franchising Growth
- Building a Culture People Want
Resources
- Einbinder & Dunn: Einbinder & Dunn’s founding partners have been practicing law for over 30 years in franchising, litigation, real estate, business, fashion, and trusts and estates.
- Succession Readiness Survey: A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook, impacting business value, growth, and lifestyle, and ultimately achieving your vision.
- Contact a Succession Planner: The Rawls Group can help you with insights and other resources and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business immediately.
The Succession Planning Matrix
The Succession Planning Matrix
Many people put off succession planning because they think it means retirement, exit, and the end. However; succession planning is just the beginning. It gives the owner options in terms of what “their next” looks like, whether that be growth, philanthropy, or a new business venture. Our process focuses are addressing 10 key areas of what we call the Succession Matrix.
Click the following link for more drill-down resources on The Succession Matrix, or check out our Facebook post.
Sign up for our monthly e-newsletter to stay informed on how to overcome related succession planning issues.
We can help you with insights, other resources, and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business right away.
