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Business Tips

We would like to transition out of our family business and have our children take it over.

Eric Daly Friday, May 20, 2016
There are two possible major steps.

(1) The first is to meet with the family and key managers to determine if they could meet the requirements of your absence. Often they are reticent to take over, not wishing to be unsuccessful, but it may be determined that with some coaching and careful planning they have all the skills to carry the business forward and continue its success. So we build a plan for transition over a number of months and get started fulfilling it.

(2) Alternatively, the best exit strategy may be the sale of the business. Even in a very well run business, in order to get full value for the company it takes 2 years of hard work, great consulting value and expert financial reporting. We want to surface all the value of the business and ensure careful documentation so that the seller gets full value and the buyer gets what they desire. We don’t want anyone managing their own disappointment later.
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