You made your business succeed – but who will succeed you?

You made your business succeed – but who will succeed you? We asked this question at a recent Masterclass and, as always, it turned into a thought provoking discussion. In many cases, it was the first time the business owners in the room had thought about it.

A very valid point made by one of the business owners in the room was “We’ve grown the skills, because we’ve had to, but have never had the time to pass those skills down the line”. 

So who is going to run the business next? When selling a business many business owners assume that the person who acquires their business will want to run it themselves. In reality this is rarely the case. The chances are, the person who acquires your business is already running something else. They may not have anyone in their organisation with the skills to run it. In our experience, acquirers usually expect the current owners to at least have a second in command and a senior team.

Let’s face it, very few business owners want to stay on in their business after they sell it. The sale might be funding their retirement, or – like many entrepreneurs – they may simply not be interested in taking orders from someone else.

A good, capable senior team with the skills and experience to run the business is highly attractive to an acquirer. As well as having the know-how, your most senior person will also need to be a good cultural fit with your acquirer and flexible enough to implement the new strategy.

So – who will you choose? And what do they need to learn?

To find out more about preparing a business for a future sale, join our panel of experts at a free to attend Evolution CBS Masterclass.

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