{"id":560965,"date":"2019-08-03T03:01:32","date_gmt":"2019-08-03T07:01:32","guid":{"rendered":"https:\/\/vrbbd.wpengine.com\/vrbbgreenbay\/is-your-business-really-worth-handing-over-to-the-next-generation\/"},"modified":"2022-01-31T12:41:55","modified_gmt":"2022-01-31T17:41:55","slug":"is-your-business-really-worth-handing-over-to-the-next-generation","status":"publish","type":"post","link":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/is-your-business-really-worth-handing-over-to-the-next-generation\/","title":{"rendered":"Is Your Business Really Worth Handing Over to the Next Generation?"},"content":{"rendered":"
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Before you begin your business, you should be thinking about how you will hand that business over to someone else.\u00a0 No one runs a business forever.\u00a0 Whether you sell your business or let a relative inherit it, at some point you will need to step away.\u00a0<\/span><\/p>\n

When you finally do separate from your business, it is critical that you are certain that it is worth handing over.\u00a0 In his January 2019 article in Forbes magazine entitled \u201c<\/span>Make Sure Your Business is Worth Handing Over<\/span><\/a>,\u201d author Francois Botha dives in and explores this very topic.<\/span><\/p>\n

In this article, Botha emphasizes that family businesses should not \u201cfall into the trap of prioritizing job creation for their children.\u201d\u00a0 Instead, that the priority should be to perpetuate the business.\u00a0 Botha cites the co-founder and chairman of The Leadership Pipeline Institute, Stephen Drotter, who feels that the main goal of any business needs to be its suitability.<\/span><\/p>\n

Drotter established five principles designed to assist family businesses as they seek to prepare for succession.\u00a0 The first principle is to \u201cIdentify and Fix Your Problems.\u201d\u00a0 Current ownership should deal promptly with any business problems before passing a business on to a new generation.<\/span><\/p>\n

The second principle Drotter covers is to \u201cAdjust Your Management to the Strategic Evolution of Your Business.\u201d\u00a0 Businesses evolve from the creation of a product to sell to focusing on sales, marketing and distribution to finally addressing a plateau in sales which facilitates the need for multi-functional management.<\/span><\/p>\n

The third principle cited by Drotter is \u201cTalk to Your People About Them.\u201d\u00a0 In this principle, communication with employees is key.\u00a0 Getting to know and understand employees is vital.<\/span><\/p>\n

\u201cBe on the Lookout for Talent Everywhere,\u201d is the fourth principle.\u00a0 There is no replacement for skilled and motivated employees, and you never know where you may find them.<\/span><\/p>\n

Finally, the fifth principle, \u201cProvide Development\u201d emphasizes that \u201calmost everything is learned, and somebody often taught that which is learned.\u201d\u00a0 Employee skill must be seen as a key priority.<\/span><\/p>\n

Making sure that a business is ready for transition to the next generation involves careful preparation and a good deal of advanced planning.\u00a0 The sooner that you begin asking the right kind of thoughtful questions about the current state of your business and what will benefit it moving forward, the better off everyone will be.<\/span><\/p>\n

Copyright: Business Brokerage Press, Inc.<\/a><\/p>\n

gstockstudio\/BigStock.com<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Before you begin your business, you should be thinking about how you will hand that business over to someone else.\u00a0 No one runs a business forever.\u00a0 Whether you sell your business or let a relative inherit it, at some point you will need to step away.\u00a0 When you finally do separate from your business, it […]<\/p>\n","protected":false},"author":2,"featured_media":560967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,2],"tags":[],"class_list":["post-560965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-seller-articles","category-selling-a-business"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts\/560965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/comments?post=560965"}],"version-history":[{"count":0,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts\/560965\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/media\/560967"}],"wp:attachment":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/media?parent=560965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/categories?post=560965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/tags?post=560965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}