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 Are you the Boss/owner of your own business? Who does the selling in your business?  My guess is that when you’re personally involved in doing the selling, your business is a whole lot more profitable than the months when you leave the selling to others. That makes sense because you’re likely the most passionate advocate for your business. You have the most industry knowledge and the widest network of industry connections. If your goal is to maximize your company’s profit at all costs, you may think that you should spend most of your time out of the office selling and leave the dirty work of operating your businesses to your underlings. However, if your goal is to build a valuable company—one you can sell down the road—you can’t be your company’s number one salesperson. In fact, business transition planning best practices tells us the less you know your customers personally, the more valuable your business. The Proof: A Study of 14,000 Businesses We’ve just finished analyzed our poo

The Managing Director of Value Growth Partners, a successful business growth, succession, and transition advisory firm, Mark O’Brien, MBA, CMAA®, CEPA®  has added another high-level accreditation to his name and business. O'Brien can add the title certified business transition expert  to his name after successfully completed the rigorous course requirements to become a Certified Exit Planning Advisor (CEPA®), as certified by the renowned Exit Planning Institute. As a CEPA®, Mark is now certified to lead business owners in the strategic process of successful business succession, transition, and exit planning. This includes advising clients on the program’s key principles of: 1) Maximizing business value and transition-risk mitigation 2) Personal financial planning and personal-risk minimization 3) Life after business planning and happiness maximization. “I have been blessed to know such wonderful mentors like Peter Christman, Richard Jackim, and Chris Snyder in the field of exit (su

In our experience, your age has a big effect on your attitude towards your business and how you feel about one day getting out. Here’s what we have found about transition strategy plan and age: Business owners between 25 and 46 years old Twenty- and thirty-something business owners grew up in an age where job security did not exist. They watched as their parents got downsized or packaged off into early retirement, and that caused a somewhat jaded attitude towards the role of a business in society. Business owners in their 20’s and 30’s generally see their companies as means to an end and most expect to sell in the next five to ten years. Similar to their employed classmates who have a new job every three to five years; business owners in this age group often expect to start a few companies in their lifetime. Business owners between 47 and 65 years old Baby Boomers came of age in a time where the social contract between company and employee was sacrosanct. An employee agreed to be loya

Preparing your exit transition plan from your business takes a great deal of forethought, analysis, and often outside expert counsel. Business owners often underestimate the time involved in the succession planning process, and because of that, the intention to ‘retire in a few years’ gets passed by. What’s needed is a clear business exit strategy, with defined goals at specific junctures.  Preparing your business exit transition plan is essentially creating the plan for finalizing your official status with the business, and wrapping up your full involvement in the company. Once you fully commit to this strategy, you will see yourself starting to make different decisions around the company’s operation.  You may start to delegate more of the nuts and bolts of operational aspects to others in the company. You may step back from hand-holding certain clients. You may inspire others to create new products to carry the company forward after you leave the firm. You may start to consider the

Is your business one of the 80% of businesses that do NOT have any type of written Transition Plan? 75% of Baby Boomers plan to sell their business within the next 10 years. Only 20% will leave it to a family member because 4 out of 5 do not want it. No matter what your reasons for wanting to exit your business are you need to have a sustainable growth and transition plan in place. If you are ready to get a solid business transition plan in place for your business, contact us at Value Growth Partners today.