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In this latest installment, “Five Ownership Transition Mistakes That Are Easier to Prevent Than Fix,” we explore several recurring mistakes that can limit an owner's options, create unnecessary challenges, and make an eventual ownership transition harder than it needs to be.
These include waiting for a reason to begin planning, deciding on an outcome before evaluating the alternatives, assuming key stakeholders share the same expectations, waiting too long to view the business through the eyes of a potential buyer or successor, and treating a transition as an event rather than a process.
One of the central themes is simple:
Good transition planning is not about deciding today what you must do tomorrow. It is about preserving the ability to choose.
Owners who begin addressing these issues early generally have more time to strengthen the business, align stakeholders, evaluate alternatives, and make thoughtful decisions before circumstances begin making those decisions for them.
As Christopher Riegg observes in the latest article:
“A good transition plan should not tell you what you have to do. It should give you more choices about what you can do.”
To read the balance of this article, please click the following link:
Five Ownership Transition Mistakes That Are Easier to Prevent Than Fix
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