English: For Sale by Owner Sign svg (Photo credit: Wikipedia)
When you sold your home, you did not hesitate to use a real estate agent. Exiting your business can be much, much more involved (and financially more significant) than selling your home, and it can require sophisticated, experienced advisors to guide you through the process. Sophisticated business owners will assemble an experienced team to assist them. The team will have responsibilities to:
- Identify and provide guidance to those areas that need to be corrected to meet the owner’s objectives (usually financial).
- Help the owner determine if the objectives are attainable.
- Help to keep the owner focused and on-track.
- Develop a transition strategy for the owner, employees, customers and the business.
While a transition team can be most helpful, the owner has the ultimate responsibility for making it happen. Many an effort has failed because the owner will not change their habits.