Assessing where your business is now, creating specific goals for where you want to be, and implementing a strategic plan to get there is the best recipe for enhancing your enterprise. Be sure to leverage the right tools to discover key insights, define your short- and long-term business priorities, and set appropriate KPIs specific to your business size and priorities.
In a multi-generational business, ensuring everyone is aligned in their priorities and expectations will limit disruption as you implement business enhancements and strategic growth. Misalignment, on the other hand, can quickly destroy your growth plans, including succession planning, expanding service offerings, business foundation enhancement, and acquisition opportunities.
Understanding available compensation strategies and how they work together can help you can build and retain the right team for business longevity and growth. It's critical to balance role-based wages, performance-based bonuses, and equity-based profit distributions for all members of them–including owners– to encourage performance and create profit. What you pay someone is not as important as how you pay them.
Assembling a successor team and committing to a long-term partnership are important and weighty decisions. How will you know who will make a good partner? What traits suggest that someone will make a successful owner? Much of that depends on your own values and priorities, but there are a few key indicators of ownership and leadership potential that are prevalent in the teams we've worked with.
As a next-generation professional with career sights set on ownership, you need to tap into your tenacity and communication skills to ensure a successful journey. There are certain situations that can turn into roadblocks unless you keep your eyes and ears open. These can be managed as mere bumps through forethought, transparency, and adaptability.
Look beyond any one owner’s career and focus on the creation of long-term, sustainable independence for the business as a whole. Discover core business foundations needed to support internal succession and long-term sustainability. Where will you focus your efforts to make the greatest impact on the growth and profitability of your business?
Selling your business is a big decision. You have many avenues for conducting your buyer search, but the majority of these strategies result in having to navigate the process alone. An open-market buyer search allows you to cast a wide net and find the perfect buyer while leveraging a team of experts to guide you through the entire process.
A Sell and Stay® strategy provides flexibility for a seller's exit. But what's in it for the buyer? Buyers open to this type of deal not only access a larger acquisition pool, but enjoy other advantages as well. A Sell and Stay® allows for greater client retention, increased efficiencies, and talent acquisition opportunities.