"Helping businesses and owners groom for transition"
"Grooming for transition..." what do you mean Walt?
Grooming: Defined; Oxford American Dictionary. To Prepare, to make neat and clean. That is the official definition, in our context we are focusing on the word prepare, to get things in order, to maximize what we already have in order to achieve greater results, to set things up so they support our business plans and strategic visions.
Transition: Examples of types of transitions businesses and business owners find themselves experiencing.
Business Transition example # 1. Stems from the realization that the business should be working for you and not the other way around. Transition to align one's personal vision with one's business vision. TAB Strategic Business Leadership (SBL) uses a bicycle analogy to explain this, your front wheel is your personal vision, your back wheel is your business vision. The front wheel points in the direction you want to go, the back wheel powers you there. Alignment is not always natural. Transitioning to alignment takes business planning and leadership team development.
Business Transition example #2. "I am not getting the maximum out of my business, I know hard decisions are ahead, we need to transition to a better way of doing things, the old ways and attitudes are not getting us where we should be" We hear this pretty often in established businesses in Raleigh and the Triangle, especially with regard to changes in technology and more mature employees not picking up the new tools. This type of transition is packed with hard decisions. Having a peer board working in tandem with a solid three to five year transition plan yields good sound decisions and results.
Entrepreneurial Transition example #3. From being a founder entrepreneur to being someone who runs a business. A classic case of "hitting the ceiling" a fantastic, creative person founds a business and lifts it off the ground via sheer will and passion. At some point the "business" side of the business takes more time than the passion side. It takes discipline and accountability to break through this ceiling. Hard decisions are made, decisions that are for the good of the founder and the rest of the organization. These decisions benefit from implementation coaching and solid planning.
Succession Transition example #4. Succession by family members. Father is retiring or stepping aside. This is the exact time for focus on organizational clarity and strategic planning. Organizational clarity and execution come first, the money side of the succession plan comes second. Getting all parties in the same boat, all holding oars and rowing in the same direction is a specialty of Walt Brown Co. in Raleigh and the Triangle. We have the emotional IQ to make the people and business of business fit. It would be wonderful to erase the emotion in closely held operations, but that is impossible, it takes a special approach to keep the word "Success in Succession".
Succession Transition example #5. Succession by employees. Often, the best approach is for the employees to step up and take over the business. We see this in Engineering, Architectural and other types of partnerships all the time. The principals need to retire, and, they are counting on the junior people to take the reins and "do it". The major mistake with this scenario is often the seniors are the ones who know business. There is a transition period where the juniors move in and take the reins. Done well, this is seamless and powerful, maximum value is achieved for the older partners.
Of course there are hard asset businesses that pass through this threshold also and the same circumstances apply. There needs to be an organized cross over/hand off period where the operational reins are handed over. Here discipline and accountability along with clarity in roles is paramount. We help implement these core skills into your organization.
Sale Transition example #6. Setting up to be sold at maximum value. We use a set of examples to help owners and leadership teams think how they can get the most cash flow, ebdita, from their businesses as they fly into the last few years of operating before being offered up for sale. The solutions are not simplistic but they often are simple. Focus in the "final" innings is critical, we have proven solutions to maximize the sale value.
Expansion Transition example #7. Setting up to make acquisitions requires the leadership team to really focus on the skills of simplicity and structure. Often at this time the organization feels it has solid processes in place that they can use to scale. They feel strong that their predictions are solid. What they need help with is the ongoing challenge to keep things as simple as possible and to continue to challenge the underlying human structure. EOS is a simple long term solution.
Merger Transition example #8. Setting up to be merged. While often overlooked, this can be one of the most lucrative wealth creation strategies a business owner can undertake. We have helped Raleigh and Triangle businesses see this for themselves and have helped them structure themselves to be perfect high value merger candidates.
Simplifying, Delegating, Predicting, Systemizing, Structuring, Leading, Managing, Holding People Accountable... all required leadership skills... all grooming skills we coach, teach and help implement into your business.
We help groom for transitions.
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