Business Transition Crisis - Plan Your Succession Now and Beat the Biggest Business Selloff In History.
This book targets the business owners and some of the points in the book. Jim thinks that this book are more applicable to small and family-owned businesses. Still, the author made many excellent points.
The one thing that Jim and Vanwyck (author) definitely agree on is the suggested setting goals and planning. Success and succession has a lot to do with planning, which makes total sense.
Vanwyck is a big advocate of E-mything you business. This essentially means having process defined in your business and having everything broken down and documented. This makes it easier for a buyer who can then feel the business can run without you (and this is a good idea in any event).
He had an excellent chapter on planning what the entrepreneur who sells the business should do after they have left the business. Selling the business leaves a huge hole and part of success in transitioning involves what are you going to fill the hole with. Again, this is all planning.
There's a chapter on advisors and Jim have a healthy skepticism towards many consultants and often fear there are actually conflicts of interest because many advisors are paid and aren't truly in your corner. He do believe in taking advice and listening, but it needs to be filtered.
He think the best transition would be if you can find someone who truly cares about you and the outcome for you and can advise from that angle as opposed to worrying about getting paid. Of course this doesn't mean you don't need other experts like accountants, lawyers, advisors and possibly business brokers.
One interesting thing JIm found in his years of buying businesses is he often liked buying a business which he didn't feel was particularly well run because then felt that he could make some changes to make it profitable. Some businesses he have looked at seem that the owner/operator is so good and so hands-on that he think he'd lose much of the value when he buy the business because he simply wouldn't be able to keep doing what they do.
Having process defined in business in Holy Gardens Group is the EDS and everything broken down and documented is the KRAPI. Planning and goal setting is important but what matters is the TRANSITION, the ACTION. Words without action is like a voyage without a ship, plans and goals that have been set are useless unless it was followed by action. The best transition is the one done by someone who have a heart and truly cares about the business and its outcome and not worrying of when they will be paid (Passion and self-inspired behavior.
ReplyDeleteHaving a good business plan will lead you to a successful business. Failing to plan is planning to fail.
ReplyDeleteJoe ann
Css1
Hglump
Planning plays a very vital role in a business. Though planning is arduous, it will help us identify about our firm's place in the market.
ReplyDeleteIt will help us foresee potential risk and develop strategies for dealing with them.
Jobyl Marie T. Villanueva
Planning is vital in any business success. But planning is not just simply pulling out the calendar or recording of things to do.Planning is all about actively achieving goals consistently.
ReplyDeleteIn business crisis it is important to have a process. When the existing process does not solve the current crisis or situation then what we need to do is to change it. A process that will drive the business more efficient, drive down costs and improve customer service.
Melanie G. Bautista
in every business, planning is important.When you plan everything falls to places. and with greater attitude in setting and achieving goals, success will follow through.
ReplyDeleteChristine Ann Paris-Payopay
CSS1, HGPMP
Without a plan is like driving a car with nowhere to go. Success has something to do with proper planning and goal setting. It determines our future in business organization. If we have plan for the day, we know where we are going and along the way if we encounter problems or crisis may arise we look for alternative solutions available. And will give us a new direction to achieve desired goals and results. Let’s plan our work and work out our plans.
ReplyDeleteBrenn Garcia
HGPMP
Business transition planning is very important to a certain company to avoid business transition crisis. Often effective planning and execution of the plan can improve business performance by making existing resources more effective and instilling clearer goals and incentives for business team members.
ReplyDelete-CAF