Best Practices for Communicating Succession Planning to Employees

The effect of a poorly communicated succession plan to employees often is a decline in morale and an uptick in churn, both of which are liabilities for the company as a whole. Yet a lot of owners are surprised by this completely foreseeable outcome. They forget that what seems like a positive for them — exiting the business they built — could be seen as a negative for those around them. Here’s how to make sure everyone involved has a positive experience.

Business succession planning

Most people don’t like change, especially when it could affect their livelihood. The moment your employees find out you’re planning to exit your business, their brains will fill in any blanks with scary scenarios.…

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3 Common Exit Strategies For Small Business Owners

Ready to sell your small business? Planning to pass it on to a member of your family? Maybe a longtime employee wants to buy the business from you when you retire? One thing is certain, eventually, you will exit your small business and there are a number of options to consider.

Exit strategy

Do you Have a Plan in Place?

How and when you will exit may not be top of mind right now. After all, running a small business takes a lot of time and energy. If this describes you, you are not alone. Studies show that between 50% to 85% of small business owners have no formal plan to exit their business.…

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3 Things You Can Do to Prepare For Exiting Your Small Business

Most small business owners aim to sell their business someday. According to a PNC Bank survey, 78% of owners plan to sell their business to fund between 60% to 100% of their retirement. If that number seems high, it is, especially as baby boomers seek to exit their small businesses over the next 10 years. By the year 2030, every one of the estimated 74 million baby boomers in the U.S. will be over the age of 65 which will dramatically increase the supply of businesses seeking a buyer.

Baby boomer stats

AS baby boomers age out of their businesses, the supply will be greater than any time in history

If you own a small business, the time to move from thinking about exiting to planning an exit is now.…

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Selling Your Online Business? Here Are 5 Common First-Time Exit Mistakes and How to Avoid Them

Like many business owners, you might have found yourself at a crossroads lately. It might have been brought about because you’ve decided that you want to venture into a new business, or you’ve decided to retire altogether. In another case, it might have been brought about by a sudden need for a cash influx, or because you feel like you’ve already maximized all growth potential possible.

Online business for sale

Whatever your reason, you might find yourself wondering, “How can I sell my business?”

Selling an online business is no different from selling a brick-and-mortar business. In order for it to be successful and profitable, you need to devote substantial time and effort in planning and executing the sale process.…

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Closing a Business: Top Tips for Taking Your Open Sign Down

It’s time. You’re happy, but at the same time you’re sad. Your business is ready to be shut down. Maybe you’re hanging your hat up for good. Maybe you’ve decided to move on to something else.

Whatever the case may be, there are specific steps you need to take before you can close the doors for good.

Closed sign

Vote On It

The first thing you need to do is vote on the closure of your business. Even if you’re a one man show, the state continues to recognize the business as an ongoing legal entity until the corporation is formally dissolved.…

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