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REAL ISSUES. REAL ANSWERS: Planning Your Company’s Future

this transition

“Grooming the next generation to take over.”

“Whether one of two children want to take it over, and/or for how much could we sell the current business.”

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“I am ready to retire, but am not sure of how to sell my company.”

“Our current management is in good condition to take the business forward for the next 10 years—assuming we all survive that long. Uncertainties are many and large.”

“Future projections of the competitive evolution within our existing marketplace. What we are and what we want to become within that market. How and where are our future leaders going to develop or come from.”

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“My children are not interested in the business. I do have someone interested in buying my business.”

“We are focused now on growing our business back to 2006 levels in sales and margin. At the same time, I am planning my exit from the company. I have a new chain of command handling the day-to-day operations; all have been employees for ten or more years, and know our business model and customer base. My biggest challenge is how I plan to finance my retirement and the business operations long-term. I have set up a trust to hold the business in the family, but no member is capable of leading or interested in learning.”

“I have always financed the day-to-day operations with family money and earned income from interest paid. I know from 2014 that quick growth can stretch AR and AP dollars at a rapid pace and this is my greatest concern. Selling out to my employees is a possible option, but they saw the bite the great recession took out of my life, and are a bit hesitant to enter into a binding agreement. That leaves shutting down and liquidating or selling the business.”

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“Retire.”

“How big do we want to become? Do we have to get bigger to keep the competition at bay? Due to the closure of other lumberyards, we have grown by default. We have also grown due to the better economic climate. As we have grown bigger very quickly, it’s important to ask how big do we want to become. When is enough finally enough?”

“What created our success in the past is not necessarily what will keep us successful in the future. The challenges driving current decisions are really centered around that migration plan from ‘that’s how we’ve always done it’ to using data to drive better prioritization and faster decisions.”

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