What is succession planning? A key talent strategy for business

Succession planning is a talent management process that builds a pool of trained workers who are ready to fill key roles when leaders and other key employees step down. Organizations with succession planning programs in place foster a talent-oriented culture by recruiting skilled workers and top talent.

Sourced through Scoop.it from: www.cio.com

This CIO article gets our vote for Best exit strategy article of August. The skilled writer covers the bases. At EGS, succession planning is strategic and tactical, and we begin with a courtesy strategic consultation.

Owners Need an Exit Plan in Addition to a Business Plan

When business owners start their businesses, they often create a written business plan to guide them toward success. However, many successful owners don’t mimic that process when they begin to approach the end of their business ownership. They should begin with the end in mind!

Sourced through Scoop.it from: blog.concannonmiller.com

EGS begins with a courtesy strategic planning session. We want to get the ball rolling on your exit plans.

Exit Planning is Long-term Business Planning

Of all the businesses that are put up for sale, only 20 percent are sold. And, only about a third (30 percent) of all family owned businesses make it to the next (2nd) generation. While a meek 12 percent make it to the third generation.

 

These percentages are low, for the simple reason of lack of planning and preparation.

Sourced through Scoop.it from: www.hvacrbusiness.com

EGS agrees: Now is the time to move forward to give yourself plenty of time to explore and envision all the potential [exit] possibilities, while setting a course for yourself based on what is important to your business and yourself.

2018 Insights on Wealth and Worth – Business Owners

The 2018 U.S. Trust Insights on Wealth and Worth survey examines the impact that people and relationships have on business ownership, from initial funding to exit planning….

Sourced through Scoop.it from: www.ustrust.com

The Succession Plan section (Figure 4, shown) provides deep insight worth your attention. EGS is ready and able to walk you through to build your custom plan.

When entering a business, consider your exit – Propelify Innovation Festival

The right time to be thinking about selling a business is before you start it, because decisions you make early on can help maximize your future value and attractiveness to potential buyers. Some areas you should be thinking about are (1) entity structure, (2) operational structure, and (3) books and records.

Sourced through Scoop.it from: propelify.com

Clear thinking here. This brief piece should convince you to pick up the phone and ask EGS to schedule a courtesy consultation to get the ball rolling.

Whilst you were lying by the pool (probably sending work emails), did you think about your exit strategy?

Our experience has shown that vendors who approach the sales process in a controlled and structured way are far more likely to achieve a more satisfactory result on completion of the sale. 

Sourced through Scoop.it from: blog.aab.co.uk

"Controlled and structured" in this timely article describes the EGS approach to exit planning and business valuation. Begin with a courtesy consultation.

Why Small Businesses Prefer To Be Acquired

…it is important to know the fundamentals of what an exit strategy is, what acquisition is and why it is highly desired. Thus, it is also important to be aware of the implications of acquisition and the steps that are needed during the acquisition period.  

Sourced through Scoop.it from: linkilaw.com

Here’s a heads-up article out of the UK. Much of it applies on this side of the Atlantic. If the author is describing your company, contact EGS to begin the acquisition process at no cost.

4 business exit planning factors you should consider

Business owners get caught up in the day-to-day challenge of establishing & growing a business, and it often doesn’t feel like the right time to think about your next move. Yet an exit strategy should be a core part of your business exit planning.

Sourced through Scoop.it from: www.hwca.com

Solid advice from the U.K. These 4 factors are also part of EGS approach. Begin a conversation with us to learn more.

Your Business Exit Strategy In 9 Steps

Exiting your business is inevitable. It will happen whether you’re in control of it or not. So make a plan now and start getting your business ready for the next owner. It’ll help you command a better price, and increase the chance that your business survives.

Sourced through Scoop.it from: www.xero.com

Whether you are ready or not, EXITS HAPPEN. Here’s a simple checklist artice, a four minute read. What to do when finished? Call EGS to implement a custom, value-driven exit strategy.

How to Value Your Businesss

As the seller, you will have worked hard over years, maybe even decades, and will want to maximize the amount you receive. As the buyer, you will want to ensure you’re receiving maximum value for your dollar, and feel reasonably secure in the eventual profitability of the transaction.

Sourced through Scoop.it from: us.businessesforsale.com

This may be the longest article (three parts) we/ve recommended. Solid content here. One method not discussed is the outside consultant. With a storied track record, EGS is ready for the hard work of setting the highest possible valuation.