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.

How We Help:

Are you struggling to ensure your business’s long-term viability and success beyond your own involvement? Many entrepreneurs and multi-unit franchisees dream of building wealth, supporting a desired lifestyle, and eventually living off the cash flow from a successful business sale. However, achieving this vision requires careful business succession planning and strategies prioritizing the company’s sustainability and growth.

At our firm, we understand the challenges business owners face in transitioning their companies to thrive beyond their leadership. Whether you’re seeking contingency planning, scaling for growth, or positioning your business for a future sale, our team of experts is here to help.

Contact us today to gain valuable insights and resources to protect and grow your business for the long term. In just 30 minutes, we can provide you with actionable ideas to immediately apply to your business, and together, we can explore how we can best support your goals and vision. Don’t wait to secure your business’s future success—reach out to us now.

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:

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

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.family-business-succession-planning

Click the following link for more drill-down resources on The Succession Matrix, or check out our Facebook post.

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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.