Take the time to prepare your business transfer (Part one)

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The causes of not getting started

It’s not the right time. There’s still time… I’ve heard these words over and over from the lips of well-intended entrepreneurs. Not making decisions regarding the future of your business is actually making the decision to put the future of the business you’ve created in harm’s way. What’s more, you’ll live a much more intense stress than that of working at your own speed to put into place a plan for continuity, step by step, gently and smoothly.

The usual reasons given

  1. Lack of time, particularly for hyperactive entrepreneurs who leap from one project to another without ever taking a break to evaluate what awaits the business in the future.
  2. They can’t figure out where to start the reflection on the transfer of their business. The answers are found, first and foremost, within themselves. What do they see as the continuation they themselves want?
  3. For some, it’s the fear of boredom if they retire. It may not actually be a matter of definitively leaving the business during or following the transfer process. In agreement with the new owners, it’s possible to offer one’s services as a consultant.
  4. The fear of losing their identity as a talented manager, often present in entrepreneurs who have not developed interests other than those of their business.
  5. In family businesses, the fear that the transfer process will not be seen as fair and equitable among the family members. Making a good separation between the inheritance of the business and that of the parent or parents is fundamental for replacing the conflict, doubt and chaos with clarity and transparency.

Do you tend to delay discussions about the transfer of your business? What we flee, follows us!

syneraction.ca

 

More from this author by clicking on her photo below.

Martine Deschamps

 

Martine DESCHAMPS3 Posts

M.Sc., ACFBA, CFWA Conseillère senior, relève entrepreneuriale et transfert d’entreprise. Conférencière, formatrice et auteure du livre Planifier sa retraite ou sa relève… ça ne fait pas mourir ! Senior consultant, entrepreneur succession and business transfer. Speaker, trainer and author of the book Planifier sa retraite ou sa relève… ça ne fait pas mourir ! syneraction.ca

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