When I work with family businesses to explore exit options, the conversation always comes around to value. That's what buyers want - transferrable value.
The transition to value-based is not easy. Emotions run high as the business grapples with changing the business model that was more than just a source of income; it was a part of their identity.
Implementing strategic changes like the following:
👉 Streamlining operations
👉 New marketing strategies
👉 Measure performance against industry benchmarks
👉 Increased profitability and fiscally responsible growth
👉 Reducing family funding that's not directly tied to the business
The journey is not just operational changes but a fundamental shift in mindset. Yet, it's worth it for the longevity and legacy of the business.
If you're facing similar crossroads, remember, the path is challenging, but the rewards are significant.
Rich Hall
Business Advisor | Certified Exit Planning Advisor
www.richhallgroup.com