: Marshall Rowe, Jim Fitts, John Weeks
: Your Next Adventure Planning for Life After the Sale of Your Business
: Lioncrest Publishing
: 9781544502137
: 1
: CHF 7.40
:
: Management
: English
: 200
: kein Kopierschutz
: PC/MAC/eReader/Tablet
: ePUB
Every good business owner has an operational plan-but only 17% create a fully articulated transition strategy. Even then, the focus is usually on monetary and legal concerns, ignoring the important emotional and lifestyle effects of the change. To take on your transition happily, successfully, and securely, you need a holistic plan that incorporates personal, family, and financial concerns. In Your Next Adventure, the team from Harvest Capital shows you how to craft a robust transition strategy that considers your business, personal, familial, and community needs. From pre-sale to post-sale, Rowe, Fitts, and Weeks will help you plan ahead, assemble the right professional advisors, and incorporate your values, legacy, and loved ones into every choice you make. It's never too early to start thinking about your next venture. Your Next Adventure will prepare you for a future filled with potential, purpose, and satisfaction for you and those you care about.

Chapter 1


1.An End…and a Beginning


“What feels like the end is often the beginning.”

—Unknown

Your business is all encompassing, and when you think about a future business sale, personal transition planning appears more difficult than it is, which often results in it being avoided altogether. You recognize the value in planning ahead, but you are so busy running and managing the business that you simply never allot the time to sit down and create a plan, even though the resulting benefits will be immeasurable for everyone involved.

Many business advisors we speak with recognize that these important issues are not being dealt with adequately before, during, and after most transactions:

The [business] advisor community doesn’t spend the time to understand the client’s [personal and family] objectives, or to prioritize those objectives, or then throughout the process to remind the client, “These were your objectives going in. Are we addressing them adequately?” (corporate attorney, interview)

Following the sale, business owners understand they no longer have an operating business generating cash flow but now have cash instead that needs to be invested. They come to recognize the need for expert advice to invest the proceeds of the sale to provide family income. You’ll need guidance in learning how to sustain the lifestyle that you, your spouse, and your family expect to enjoy. But what else do you need to know?

Avoiding Personal Concerns


Addressing personal planning is often difficult for business owners. Life, business, and other distractions get in the way and cause you to push it aside. Between being busy and thinking,I’ve got plenty of time to deal with that later, it’s easy to postpone addressing something that makes you uncomfortable. You may never have considered the need to plan, even though the transition is imminent.

I think the hardest thing for business owners is to recognize the need for personal transition planning. (corporate attorney, interview)

Personal transition planning requires engagement in ways that make many owners uncomfortable. As an entrepreneur, you work with a team of professionals who playwell-defi