You’ve worked hard to build a successful business. You can’t work forever. But you don’t want to risk losing company value, employee jobs, or family wealth by leaving. If you ever hope to exit, you’re going to need a viable succession plan. We can help.
Identify Your Successor
The first thing to consider will be the candidates for succession. You’ll have to make some difficult decisions about the most capable and appropriate talent to assume control after you’re gone. Obsidian Planning uses an analytical vetting process to help you determine everything from who might fit to who’s the best fit. Our process helps you know when you’ve found the ideal successor.
Value Your Company
You’ll also need to determine the target value of your company. Having a solid estimate of what your business will be worth helps to make financing the transition easier. We use a range of tools and indicators to evaluate the true quality of earnings and working capital requirements. When you have solid metrics, your leadership team is well equipped for what comes next. Having a clear understanding of the financial transfer of your company provides assurance that you’re maximizing your wealth without sacrificing the company’s future.
Define Your Exit
Determining the right future leadership team and a fair price can be challenging. You need to know when and how to step away from your business. It’s one of the most emotional aspects of any business transition. These emotions make many owners feel paralyzed and trapped. We can help you manage emotions through an impartial analysis of your personal goals and business targets. Using these objective factors, you’ll be able to determine and plan for the optimal time and manner of your exit. We’re not saying that it will be easy, but a succession plan will make it more manageable.
Planning for the next phase of your personal and professional life can be daunting. We’ve helped small family businesses like yours for more than three decades. Our experience provides proficiency in identifying and managing the necessary details of your business succession. We want to help you best prepare for an equitable, collaborative transition that will safeguard your business legacy.