June 29, 2016
In today’s episode, I answer Mark’s question from Henrico, VA.
The bigger question is whether to do it or not. Then you must decide on your timing.
The do or not decision depends on three things: (1) Do you have something more compelling to do, (2) Are you bored and must force yourself with an exit or succession process to move on to a new life-phase, or (3) You can’t do it anymore – ill health, burn out or diminished business prospects are in your way to carrying on.
In terms of timing, on today’s show, we discuss 5 drivers that influence your decision as to when to pull the trigger. One of them if your magic number – if you have one. The cash you need to make it worth your while to hand over your baby to a buyer or successor. It may be your retirement nest egg, or the cash you need for your philanthropic endeavors or the number you think you are good for. Either way, it is helpful to have a target to work towards.
Listen to today’s episode of the Succession Secrets show to find out about the other 4 drivers. Tune into iTunes or your favorite podcast app to listen to the show, or read the transcripts on http://entrepcoaches.com/podcast.
If you have a succession-related question, tweet it to #asksuccessionsteve or email me at email@example.com.
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Your Succession is Success!