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Have you ever read or heard that a business transfer lasts an average of five to ten years? This statement expresses the reality of multiple entrepreneurs, not to mention that many avenues explored are unsuccessful.Starting a business requires a lot of energy. Ensuring its sustainability by ensuring that the efforts and resources devoted to them persist over time is an objective that deserves attention.

There is no single recipe, but with a plan set in the image of the company, the transfer of it is facilitated and the actors who participate are reassured.Transferring a business is obviously more complex than selling it to a third party, but how much more challenging! With Vitamin Shoppe – Sell to Vitamin Shoppe the solutions can be seen.

The transfer of any business is a multi-faceted process. It is mainly about planning and carrying out the transfer of ownership (assets) and the transfer of management (control and leadership) as well as the transmission of knowledge, expertise and business relationships. It is a complex process where the human aspect is omnipresent.

Several elements influence the length of this process, among which we find:

  • the identification, preparation and integration of successors;
  • the development of the new corporate strategy by the transferor and the succession, which makes it possible to ensure the durability of the company;
  • the preparation of the actors (CEOs, employees, customers, suppliers, financial institutions, family, etc.).

First tip: Formalize the communication process

All stakeholders agree that a successful business transfer inevitably involves transparent communication between the transferor and the buyers, but also within the family.The main difficulty is often the lack of time or lack of priority in the normal flow of business and life. And the level of complexity of the exchanges increases with the number of stakeholders. You can find the process with Big box broker now.

It is therefore suggested to set up mechanisms for exchange and follow-up and to formalize the communication process. The pre-programmed and supervised meetings between the entrepreneur and his succession as well as the family councils are essential to accelerate the transfer and ensure its success.An official watch committee (committee of internal managers, subcommittee of the board of directors, advisory committee with a specialized advisor or other) can even be set up.

Second tip: Surround yourself with experienced professionals

In addition to the lack of time, visions, values, personalities and different ways of working represent daunting challenges. The intergenerational gap, the resistance of stakeholders and the uncertainty about the timing of the transferor’s withdrawal are often questioned.

 

In addition to these clarifying elements, reflection and communication between the parties should lead to the evaluation of various scenarios:

  • transfer to the family;
  • transfer to a manager;
  • transfer to several internal and external managers;
  • separation of business activities into separate entities;
  • creation of a workers’ cooperative;
  • swarming;
  • merger with another company;

It is therefore important to surround yourself, throughout the transfer process, with competent and respectful professionals who will be able to evaluate the range of choices and to suggest the best practical solutions adapted to the reality.

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