Every business owner dreams one day of successfully selling their business and riding off in to the sunset with a professional life well-lived and money in the bank. That will be one of my clients in the next few weeks. Two partners started a business 30 years ago and are about to close on the sale of their business to the management team that has helped them run it. Proper exit planning with a unified strategy helped them do that.
Recently, we’ve talked about building transferable value and the importance of having a capable management team to exit your business successfully. That is certainly the case with this client. The owners picked people who embraced their core values and core focus. The management team was balanced in their abilities in sales, operations, and finance.
When it came time for the two owners to retire, they tapped their management team and gave them an opportunity to become owners and buy the business. The owners arranged an amount of equity to put towards the purchase and were able to arrange financing for the remainder of the purchase price. The closing will occur in about 30 days and these employees will become owners. But, how does a successful employee ensure they become a successful owner?
Read more: https://theprofitabilitycoach.net/blog/how-to-transform-from-employee-to-owner/