If you are a business owner who needs professional assistance in transferring ownership of your company, Certified Exit Planning Advisor and Business Consultant Keith Atneosen will assist you in proceeding with a smooth and organized transition process.
What does business transition planning mean?
Business transition planning is the process of preparing your business for new ownership. Whether you initiate a business transition to promote growth or exit, your plan will ensure you take the measures necessary to secure optimal stewardship.
What should a business transition plan include?
Your business values:
you will need to identify what you find most important in transferring ownership of your business.
- If you want to retain influence in the future of your business.
- If you wish to preserve the current company culture.
- If you want to secure the positions of your employees.
- Will you establish a family business to be handed down?
Identification of prospective buyers:
to achieve readiness in your business transition, Keith will work with you to identify who your prospective buyers currently are and how to attract the most optimal prospective buyers.
Finance management:
Your finances should be analyzed to strategize improvement once you learn the financial areas of value to your ideal prospective buyers and for funding the transition process.
A value-building strategy:
the business valuation process builds the market value of your business by increasing profits and achieving sustainable commercial success. Building valuation includes creating a strategic plan to improve sales revenue, attract more returning customers, capitalize on key results areas, minimize or eliminate constraints, and streamline operations and processes for optimal functionality, quality, and cost-effectiveness.
A strategic plan:
to achieve goals of increasing value and profits and improving areas of your business such as customer service, sales, and management, a strategic plan with performance and action plans is necessary. A company with a skillful and functional team, an organized work environment, and an efficient workflow will attract top prospective buyers because they see results and ease in transition.
Expense reduction strategies:
to save your company money to fund your transition, you will need to implement expense reduction strategies such as automating payments, creating healthcare savings programs, streamlining shipping, and more.
What is the purpose of a business transition plan?
A business transition plan will ensure the most optimal and profitable transfer of ownership for all stakeholders to guarantee long-term success and reap financial rewards with minimal risks.
You may need the services of a business consultant:
Do I need a coach to help with the business transition?
The business transition process requires outside professional assistance due to the complexity of the sales process. Corporate lawyers, business brokers, advisors, and business coaches, are among the professionals suggested to business owners in helping with the process. Keith is a certified exit planning advisor and business coach with a Master of Science in financial services.
If you reside in the greater Coeur d’Alene area, including in Post Falls, Hayden, or Coeur d’Alene, Idaho, or Spokane and Spokane Valley, Washington – or are an international client – contact Business and Executive Coach Keith Atneosen today.