It’s not a matter of if, it’s a matter of when, you will transition your business. The process of transitioning is the most monumental decision in your company’s lifecycle. Optimizing the value of your business, understanding the range of choices for how, or who to transition to, and preparing for your succession, are just some of the fundamental elements that should be part of your business planning today.
Family Business Transition
Family businesses do not operate in their own dimension. In fact, there are several systems at play each influencing the dynamics that happen within the opposing system. You have the Family, the Operating Business and the Ownership of the enterprise. For some, when they started their company, a family business isn’t what was originally intended, “it just grew that way.” For others, inheriting the family business was as much a birthright as it is a job. How then, with these varied perspectives can a businesses successfully transition? What does transition mean? Is this from one generation to the next, or from managing team and ownership group to outsiders?
Business Transition Forum
When I had my previous company, we had external shareholders. While the business was itself a family business with my brother-in-law and cousins as part of the Board and ownership, it was the external advisors who pushed us to have a clear exit strategy. This plan to “get out” even before we were off the ground seemed incongruous to the values we espoused as grassroots, family oriented, community focused. If it weren’t for courses and organizations like The Business Transitions Forum (BTF) we might have missed some of the practical insights from other entrepreneurs who have traveled down the transition path before us. The connections to legal, financial and business experts beyond our own network allowed for a different perspective to some of the challenges we faced. Identifying strategies for growth, understanding liquidity options, how to avoid transition disaster, and thinking like a buyer from the onset, even if you are not planning on selling were just some of the lessons learned over the time that we transitioned the business to a new ownership group.
Karma & Cents is pleased to partner with BTF for two important reasons:
- They are focused on putting the community of entrepreneurs and families at the heart of what they are offering;
- They are committed to supporting their network so that expertise and knowledge is shared beyond those who are just “in the know” and who attend the Forum.
Watch the video for what to expect at the Calgary Business Transitions Forum. Karma & Cents will be there and we will be happy to answer questions that you have about:
- Transitioning your corporate philanthropy and social vision to the new ownership group;
- Creating a giving program as part of your transition plan;
- Exploring what to do “after” your liquidity event has occurred;
- Talking with your kids, the Rising Generation, about family and corporate legacy
Note from the BTF Organizers:
Position yourself for success
Join hundreds of other business owners for this 2-day event. Learn from experts and connect with peer groups who will offer valuable insights to help you with your transition strategy – whether you’re just beginning to think about it or are well-advanced down the path. This event will provide you with tactical take-aways in order to help you make smarter decisions in the short term while setting you up for successful transition in the future.
The Business Transitions Forum Calgary takes place October 10th – 11th at The Westin Calgary. Learn more & register here: https://businesstransitionsforum.com/calgary/