Over the summer I got to catch up on my reading. Another book I read was Bradley J. Franc's The Succession Solution: The Strategic Guide to Business Transition.
There are over 30 million small business owners in the U. S. Over 75% of these business owners have no plan for transitioning out of their business (selling their business at some point). These numbers are provocative to say the least.
Mr. Franc has written and excellent book on the topic. He walks the reader through a well thought our process that may help provide a sense of peace to business owners looking to sell or transition away at some point.
Two of the more interesting chapters were:
- Why Closely Held Businesses Stumble
- Fair May be Equal, but Equal May Not Be Fair
The author (and attorney) has decades of experience on the topic of Business Succession and writes with great clarity. He appears to have tremendous empathy for business owners in general. Even very successful business owners have more than their share of problems and wish lists. However, the more successful you are, the harder it can become to slow down, and put together a solid strategy to transition out of your business at some point.
Word to the wise: it takes a few years to put a plan in place and execute it. So if you want to be in the top 25% of business owners who do have a succession plan, now may be a good time to read this book.