Biz Succession: Who’s Stepping Up?
January 6, 2010
Who and what come next are critical to your exit strategies and business succession plans. Sometimes you get to choose both who and what come next. Other times, opportunity knocks. If it does, you need to be open to these possibilities, or you lose.
How can you be open to the unexpected?
- It’s not over ‘til it’s over. Remember, you can be pursuing a course of action, but still make changes – even reverse course – until you reach your final decision point [I was once involved in a deal that was all but done when the owner changed his mind about selling at the closing. “I’m not ready to go,” he said. No Deal Is Done Until the Papers Are Signed, Sealed and Delivered] ;
- Never count anyone out. As you get closer to your decision point people who you may not have considered may unexpectedly step up to be counted. If you are too locked into your initial choices you could miss out on an opportunity you haven’t anticipated [in the sale of one family business, two sons were vying for control. After a series of activities working together planning for succession, the brothers changed their minds, switched positions, and that changed everything];
- Be alert . Nothing happens in a vacuum, the marketplace, the economy constantly change. Circumstances may reveal other possibilities you can take advantage of at the last minute [Last minute changes in a deal make it better for all parties concerned].
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