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Darren.Smith
Advisely Board
Advisely BoardAMA: I'm Darren Smith and I've just implemented a business succession plan, Ask Me Anything!
Got a burning question? Join me here on Friday 21st June from 11am to 11:30am.
Having recently sold my award-winning financial planning practice last year and now working as a business coach at Sli...
rainier.reyes
Advisely Team
Advisely TeamIn yesterday’s Advisely webinar with anne.graham Tamara.Morey rod klompy, there was a great discussion about getting team buy-in on timeframes for delivery and some of the challenges associated with it.
So with something as massive as a business transition, I wanted to know did you encounter any difficulty with getting everyone in the team on board? And if so, how did you manage it?
- Darren.Smith
A great point Rainier
Time is certainly one of the key constraints in any succession process
We always had our plan as preparing the business and team for a trade sale given our size . So the focus primarily was always on improving the business to make it more attractive for a potential purchaser, so our business was ready . In terms of being able to communicate when the potential transaction was starting off we had restrictions as one of the parties was a listed entity. This was problematic as there was only a small inside circle until it was announced .
We had a challenging 7 week period where a lot was happening but we could not say anything .
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