When you take a big step in your working life, most of us like the reassurance of having our hands securely held by a professional of some kind. And what could be bigger than selling a business you’ve created?
No surprise then that most exiting business owners look at their succession journey and quickly reach for a solicitor’s firm, or perhaps a friendly accountant.
The Need For Fees
Before you run off for legal or tax advice, however, pause for a moment. Why are you in such a hurry to spend a lot of money?
Yes, you will need some of that technical advice – but only when you get to the transaction itself. In the meantime, save your cash and focus on all the preparation you can and should do up front.
If you want to successfully pass on your business to your employees, there are a handful of things you need to know. There are important choices you need to make. But you do not need someone who gets paid by the hour to get that done.
Working On The Business
What’s more, most business owners spend a lot of time still working in their business as well as on it. Carving out the time the time to properly plan your exit will likely take months, even a couple of years – so splashing a lot of cash up front seems like a risky expense.
In contrast the Eternal Business programme has been designed by people who are business owners themselves and have done this before. It offers all the information and insight you need in one place. It can be accessed whenever you can free up the time – and at a price which is a fraction of the hourly rates mentioned above.
Most importantly, the programme forces you to get your priorities straight from the outset.
The programme will give you the basics of what employee ownership is, how it works, who else is doing it – and it will support you through the specific choices you need to make. All of which will save you a ton of fees down the line.
Crucially, the Eternal Business approach tells you that the technical aspects of this are NOT the most important bit. Fundamentally, every business relies on its people, and if you don’t spend time up front to get them engaged, you put the success of the whole sale in jeopardy.
The Most Important Thing About Your Business
You might ask why on earth now is the right time to prioritise the engagement of a group of employees you’re about to leave behind?
The answer is simple: for an employee ownership succession to work – and for the owner to get paid – the business needs to thrive during and after the period in which you step away. Which requires highly engaged employees who buy into the idea of becoming owners.
The programme will support you to invigorate passion across the team behind the core purpose of the firm; help you to win buy in for the EOT model from senior colleagues as well as the wider workforce; and ensure your business goes from strength to strength – protecting both your legacy and your sale price.
If you’re in such a hurry, what are you waiting for? Start the Eternal Business programme today.