Before making any decisions about the future of your business, it is critical to step back and make an assessment of goals and vision. Evaluate if your business is ready, are you ready and how do you want the future to look. Champ Rawls a Partner of The Rawls Group [...]
You may have heard the saying " you should be plan for your exit when you are starting the business." Where that is very wise, it is very hard to think about the end when you are dealing with the nuances of the beginning. Developing culture, recruiting, supply chain, delivery [...]
As one has set out to build a business to fulfill their entrepreneurial goals they also looked at the business for as a means to build the lifestyle they imagined. Often a business owner's largest asset is their business. In a recent study Gina Miller discusses in the podcast, only [...]
“We are built for this” highlights the story of how two people with vastly different personalities and business beliefs found common ground to grow and successfully transition the business from gen 1 to gen 2. Our very own succession planners Hugh Roberts and Jeff Bannon, along with Howard and Susan Drake of the Casa [...]
When starting out, business owners are not looking at the end game. Much less is there thought of engaging in succession planning. After all, isn't succession planning for when the end in near? That is where most business owners make their mistake, thinking succession is only about exit strategy, estate planning and retirement. And [...]
Please forgive us for being academic, but in order to fully understand business succession, we are going to define a few terms. First, an often confused first cousin, business continuity or exit planning: As the term describes, business continuity is the continued existence of a business, as in the business continues. An exit planning [...]
Misconception #5 - A Succession Plan Isn't Needed If I Plan to Sell A common misconception is the thought that plans to sell your business negate the need for succession planning. Unfortunately, this thought process couldn't be more wrong, and has a direct impact on the amount of cash you’ll have in your pocket [...]
Misconception #4 - I'm Too Young to Think About Succession Planning Translation: “I am bulletproof and have no intention of dying prematurely; I am not interested in enhancing business productivity, profitability and teamwork; the business is all about me; and I am not interested in protecting the value of my business and the welfare [...]
Misconception #3 - Succession Planning and Business Growth Aren't Related Succession planning is not about you leaving the business; it’s about building a foundation of success today that will set the course for future generations. Your organization may be in 'growth mode' so you’ve put succession planning on the back burner. But growth without [...]
Misconception #2 – Succession Planning Means Retirement Planning Succession planning often fuels a myriad of emotions. “No one is gonna push me out!” “Succession, that’s all about retirement, and I’m not going anywhere anytime soon!” “I like control; I’m not giving it up!” While all of these are valid emotions [...]
