This week on our podcast
There are many options available for business owners to successfully transition their business. Most owners don’t realize that there are many roads that lead to a successful transition. In this week’s Maximize Business Value podcast, Tom Bronson provides a little information about each type of transition so you can start to narrow your focus on the types of plans that best suits your needs. There is one way to guarantee that a business owner won’t be able to transition successfully and that is to fail to plan for it #exitstrategy. No time to listen or watch the video? No problem, get the transcript right now!
This week on our blog
One of the basic truths that we live by at Mastery Partners is every business will transition. Even the largest companies in the world transition - think about the transition from business icon Jack Welch to his successor in 2001. That was very much a business transition, and GE spent over 7 years thinking through the transition process...READ MORE
This week on my screen and on my mind
Bold Speaker Series 2.0 LINK
I am speaking here on June 23rd on Innovation. I will deliver a road map for abandoning old business-as-usual paradigms and building a true culture of innovation. I will challenge you to think more creatively about the problems your business faces and teach you how to tear down the barriers to innovation that already exist in most organizations. You will walk away with new ideas on not only how to innovate, but also what you can innovate in your business. I hope you will be able to attend this virtual event.
Keeping Eyes Wide Open When New Members Join the Pack: A Cautious Approach to the Addition of New Business Partners LINK
Some good advice from Ladd Hirsch, a shareholder and business divorce attorney for Winstead PC, on things to consider before bringing on new business partners. New partners may quick start a business with financial capital, new vision, or support. But it’s not always all rainbows and lollipops. Ladd lays out some critical points to consider before you decide to add partners to your business. If you like this article, Ladd was a guest on my podcast a few weeks back. You can check it out here.
You Name the Price and I’ll Set the Terms LINK
This article, written by my good friend Oliver Cone - Sr. VP at Bulkley Capital, talks about the key deal components beyond the economics. Most buyers and investors are more experienced in the transaction process than your average seller. This puts business owners at a disadvantage. This article walks you through some of the details of deal components and warns you to seek professional advice before signing an LOI.
Whenever you’re ready, here are three ways I can help you maximize business value:
Order my book Maximize Business Value, Begin with the Exit in Mind. It provides the roadmap business owners need to start moving toward a successful transition.
Reach out! I love helping solve business challenges! Let’s chat! SCHEDULE A CALL WITH ME if you want to better understand how we can help you maximize your business value or really anything else.
Hope you are safe and maximizing business value!