From the course: Protecting Profitability by Reducing Financial Risk
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Business transition planning
From the course: Protecting Profitability by Reducing Financial Risk
Business transition planning
- I recently had my first experience flying as a passenger on a seaplane. Imagine yourself in that front seat taking off and gliding gently through the sky on a clear day. You're just below the few white clouds dotting an otherwise blue sky. After about 45 minutes, you see your destination ahead, then to your horror, the pilot says, "I'm sorry, I never planned on how to land, "I guess I will just have to wing it." That's what many business owners do without even realizing it. They start their business, shed a lot of blood, sweat, and tears to build it into a formidable enterprise, create wealth and value from it, and then hit the age where they are ready to land the plane. And to their shock and the horror of their family, they never thought about how to transition from flying to landing. What I describe is common for many businesses, especially those that are family-based. The effort of building and growing the business, in essence, the taking off and flying is highly-focused. The…
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