Nearly 1 in 4 business owners say their business is not prepared if they were to die unexpectedly. Many haven’t spent the time to ensure the continuity of their business with a documented succession plan. Here are some tips to get started with 8 important factors for your succession plan.
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In the grocery business, product turnover is vital. From offering the right product to logistics to retail shelf space, effective inventory management is critical. My client, a food distributor and logistics business owner serving retail grocers in BC had a solid top line, but little was falling to the bottom. Like all distributors, inventory management can make or break you.
In this case study of a manufacturing family business, you can see the challenges, the solution and the steps we went through to provide a workable plan and peace of mind. After a valuation of their enterprise, the owner ended up with a written succession plan providing an exit strategy, improved corporate structures for 2 manufacturing companies and a real estate holding company.
When the owner is not ‘the business’, but has a great team and strong business drivers, the company will have greater value to a buyer. Once you are inconsequential in your business, you have successfully taken one of the key steps to building value in your business. Learn more from John's blog including an article share: Building Value is the Win-Win-Win of Exit Planning.
Can your business operate without you? Put systems and protocols in place to ensure your business will be successful in your absence...