121 Pages
English

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The Business Transition Coach

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Description

This is a ‘how to’ book for business owners – especially the baby boomers – who need to prepare themselves and their business for transition or sale. The statistics are frightening. Most business owners are baby boomers and surveys suggest that over 41 percent are planning to exit in the next five years, yet very few have a plan for how to do that successfully. This book helps them to grow the valuation of their business, develop their personal and business goals, and begin to prepare for the day when they put their business up for sale.
"I truly believe there is an opportunity to help many business owners who struggle with this step and help them to avoid the loss of money, dignity and respect because they were unable to get started on a plan."
Millions of business owners intend to move on from their businesses in the next several years yet only a small percentage of them have a written succession plan. Those who don’t plan their business transition ahead of time may have to kiss all their creativity, passion, and hard work goodbye as they face a market soon to be glutted with businesses for sale.
The Business Transition Coach: Your guide to succession planning, exit strategies, and preparing for the big handoff is your guide to transitioning out of any business. Author Wayne Vanwyck shows you through experience and case studies how planning this transition can increase the value of your business, increase its profitability, and keep your options open. His practical advice explains how you can:
• Sort out your personal and professional transition options.
• Prepare your business, your employees, and yourself for transition.
• Create a business plan that makes sense now and multiplies the valuation later.
• Leave a legacy that you can be proud of.
Let this book be your helpful companion on the road to transitioning out of your business and into the next phase of your life.
PREFACE xi
INTRODUCTION xv
1 PLAN FOR TRANSITION 1
1. The Financial Benefit 5
2. The Motivation to Sell 7
3. Fear of the Dreaded Phone Call 8
4. If You Don’t Make a Plan 10
2 GET YOUR LIFE ON A ROLL 14
1. Redefine Retirement 14
2. How Do You Define Success? 15
3. The Value of Written Goals 18
4. Getting Started with Goal Setting 20
5. Business Transition Reality Check 30
3 TRANSITION MEANS CHANGE 32
1. Change Is Constant 32
vi THE BUSINESS TRANSITION COACH
2. Complacency: The Killer of Necessary Change 33
3. Boiling a Frog 34
4. Why Do Most Entrepreneurs Fail to Plan
for the Inevitable? 36
5. Deciding Is Not Enough 37
6. The Eight Steps of the Change Process 38
7. Change Requires Leadership 41
4 CHOOSE YOUR BEST OPTION FOR TRANSITION 42
1. Option 1: Preparing to Sell 43
2. Option 2: Work Hard until You Die or Become Disabled 52
3. Option 3: Burn out and Sell to the First Buyer 54
4. Option 4: Wind down the Business and Close It 55
5. Option 5: Keep the Business 57
5 GET YOUR BUSINESS READY FOR TRANSITION 60
1. Turn Good Intentions into Action 60
2. Take Stock: Where Are You Now? 61
3. How to Estimate the Value of Your Business 61
4. Factors Affecting the Valuation of Your Business 64
5. How to Define Your Transition Goal 65
6. The Benefits of Reaching Your Goal 67
7. Considering the Challenges and Obstacles 68
8. Action Steps: Things to Do, with Timelines 70
9. Is It Worth It? 71
6 BUILD AN “A” TEAM OF ADVISORS 73
1. Selling a Business Is Not a DIY Program:
Find an Advisor 73
2. Putting Together Your “A” Team of Advisors 79
3. Ten Tests for Finding a Trustworthy Advisor 81
7 WORK ON THE BUSINESS, NOT IN THE BUSINESS 82
1. Can You Do More “Leading” Activities and
Fewer “Doing” Activities? 85
CONTENTS vii
2. Time 86
3. Start the Change Process 91
8 EFFECTIVE DELEGATION 93
1. Your Job Description 94
2. What the Business Needs 95
3. An Individual or a Team? 96
4. Benefits and Challenges of Effective Delegation 96
5. An Implied Contract 99
6. Consequences of Not Delegating Effectively 100
7. How Much Authority? 100
8. Who’s Responsible for the End Result? 102
9. Delegation Is Key to Business Success 104
9 CREATE A BUSINESS PLAN FOR TRANSITION 105
1. Where Are You Going? 105
2. Hire a Facilitator 107
3. What Do You Want? 108
4. A More Nuanced Look at Succession Planning 110
5. Practices 116
10 LEVERAGE YOUR ASSETS IN SUCCESSION PLANNING 117
1. Your Most Important Asset: People 117
2. What’s Happening in Your Company? 124
3. The Right People 126
4. Performance Training 127
5. Great People Management 129
6. Visionary Leadership 130
7. Business Diagnostics 130
11 SUCCESS IS A PROCESS 133
1. Where Should You Start? 135
12 TEST THE WATERS WITH A SABBATICAL 148
1. Take a Sabbatical or Long Vacation 148
viii THE BUSINESS TRANSITION COACH
2. The Goal 150
3. New Possibilities 154
4. The Bucket List 154
5. Time off Is Good for Your Business 155
6. Yeah, But … 156
DOWNLOAD KIT 158
SAMPLE
1 The Last Un-Will and Testament 13
TABLES
1 US Businesses for Sale and How Many Actually Sell xvi
2 Cashflow Quadrant 57
3 Working on or in the Business 83
4 Now versus Transition 87
5 Levels of Authority 103
6 Types of Employees 119

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Published by
Published 15 September 2020
Reads 0
EAN13 9781770405127
Language English
Document size 1 MB

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