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.