Are you one of the many baby boomer business owners struggling to come to terms with Succession and Retirement Planning?
Current economic times make it difficult for baby boomers to effectively plan their transition to retirement. They face a real dilemma: sell the business and invest in an unstable share market; stay in the business and continue to work with no clear end game in sight.
The good news is you may be able to enjoy retirement lifestyle benefits without selling your business.
We believe that working on your Succession and Transition Program should include:
- Valuing your current business and identifying strategies to grow.
- Generating more profits from engaged staff.
- Locking in the top performing staff (future successors)
- Enjoying time away from the business.
Grow Your Business Value
Our business valuation approach and technology is allowing business owners to pin point areas to improve business value. By simply changing inputs (value drivers) on the valuation questionnaire you receive real time information on how to dramatically improve your business value.
Generate More Profits
One way of generating more profit for your business is to offer individual employees’ performance based rewards. Salary increases are capped and a package is put in place where identified employees receive a share of profits when they exceed their budget goals. These arrangements and your staff responses will allow you to identify your top performers and potential successors.
Lock in your Top Performers
Selling a percentage of your business (eg 20%) to key employees is potentially a key way of securing a long-term commitment from your top performers to continue performing. With banks tightening their lending policies, financial rewards based on performance can mean your successors can ‘self-fund’ their business investment.
Enjoy Time Away
With clear focus on profit and value improvement, motivated staff growing your business and committed successors. Managing your day to day business operations you can enjoy time away from the business with piece of mind knowing you are still in control of your business’ future.