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Difficulties in Transitioning Businesses One problem is that business owners can make assumptions about what their successors need and want. Other difficulties arise from business owners underestimating the complexities of a successful transition, legal and financial issues, customer and staff reactions, public perception, and necessary core business knowledge. Bad communication between family members can also be an issue causing disrespect and various misunderstandings. Business owners can also fall into the trap of overestimating the worth of their business or how much money they can take out in retirement. Family history can also interfere with good decision making, due to past slights, hurts, and biases getting in the way. Finally, many business owners aren't willing to give up control, complicating transactions.
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FCE Four Step PlanDefine your goal
Develop action steps Plan your strategy Monitor your progress |
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