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You have put your heart and soul into your business building it to become successful. We prefer to use the phrase “transition planning” instead the dreaded “R” word or the “Exit” words. Transition planning is defined as “moving from one position or stage to another”. There is a sense of adventure and expectant hope embedded in this phrase that should fuel your desire to begin as early as you can - say 5-10 years before the actual date of full transition.
Some questions for you to ponder …
You will sell your business someday … either voluntarily or involuntarily. Which do you think will be harder for you?
Most small business organization’s shareholder value today is largely driven by the “intangibles” and many of these factors are in the hands of your leaders, the most important of which is your company culture and values. Competitive pressures and technological improvements mean you must always work hard to stay ahead to protect this intangible value. Just as important, executing well in today’s environment requires unique skills that likely haven’t been taught or practiced by some of your leaders, even your seasoned ones.
It might be time to reflect on where each member of your leader team might need developing or mentoring by asking some of these questions:
There is no shortage of demands placed on your finance and accounting teams, as they attempt to keep pace with major technological, environmental, regulation and compliance changes happening in Canada and around the world today. They also face pressure from other departments as they try to adapt to increasing client demands and new competitive pressures.
Ask yourself the following as you reflect on your finance / accounting team - whether you have one person or a team of people working in this area: