Ensuring a Smooth Transition of Power as a Business Owner
Companies with the greatest value to buyers are those where the power is transferable and business ownership is replaceable.
Can You Be Replaced?
This might be a difficult thing for a business owner to understand, but put your ego aside for a moment to ask yourself the following question. How can you expect to get top dollar for selling your company if the power cannot be transferred?
Train your other managers to run the company without you. Give your managers the power to make decisions on their own, and trust them to work independently. Having upper management with power and great communication between managers and departments can help the business run smoothly in your absence. Implement a way to remove any ad-hoc decision making systems. It won’t cripple the decision-making of others, but provide a much better framework for employees to make decisions on their own.