SUCCESSFUL BUSINESS SUCCESSION - FINISH BIG
For most entrepreneurs, business succession is the largest financial and personal change of their careers. It’s important to view it as a process, not a liquidity event, because there’s a lot to think through and a lot at stake. All owners exit, one way or another. How you do it is a bell you can’t unring.
We know a 54-year old entrepreneur whose initial business idea was two rounds of raising money, followed in short order by an IPO. Twenty-six years later, he is a profitable solopreneur, but with no IPO insight, all savings poured back into the business and a need to monetize his equity to exit. When we first talked, he’d been overtaken by events:
- He was midway through updating his CRM, inventory and accounting systems, navigating the IT and data chaos
- He’d just learned that his wife had been diagnosed with early onset Alzheimer’s
- A potential buyer had raised interest in a letter of intent and hada due diligence list a mile long
Unable to respond, and without an exit plan in place, he lost a timely and urgent opportunity to sell his business. Nobody ever thinks it will happen to them.
Our services – Get Traction, Build Value, Finish Big – can overlap and integrate easily. Or, given assessment and planning, components can be cherry-picked and done a la carte, as best suits your situation.
What you get is a business succession plan geared to small businesses at a level of quality that that’s usually out of reach. Most service specialists target companies with more than $30 million annual revenue. Our power alley is $500 k to $15 million. Most specialists are focused on their respective service or doing the deal. We’re focused on helping clients succeed spectacularly. “Good luck” is when preparation meets opportunity.
