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

Question Three RIRA

Looking at where it is now, and where you’d like it to go, what are the primary considerations and challenges driving decisions about your company’s future?


The Responses



“Would be nice to see the owner step up and admit his declining health and interest in the company, followed by an open conversation with management as to what our (employees’ and managers’) options are. “Management desires the company’s continued service to our customers. Would like owners to discontinue ‘absentee micromanagement’ and delegate, empower and officially retire, and allow the business to be run by the folks that were originally hired to do so. Or, establish an exit strategy so employees can devise a plan for their future.”

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“Who will lead, what to lead, and with whose capital?”

“Developing the next generation of leaders.”

“Liquidation upon owner’s retirement.”

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“The economy continuing to improve, getting the next generation to understand the commitment necessary to succeed in this industry, and finding the right people to help you succeed.”

“Merging with similar businesses to better serve our clientele.”

“I am a young owner in the family business with a very strong generation ahead of me. They have built a great business and replacing them with equally-producing members (non-owners) is a challenge. There are younger people coming up who lack some of the interest these owners had, which is a real issue. I think we will have to re-analyze our salaries as well as work benefits in order to remain competitive and to be looked at as a place that is a great opportunity.”

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“We are also located in a small rural town with decreasing population in the county. We are going to be forced to pull business in from a farther distance than we ever have before, which requires us to have a stunning showroom/store and more efficient operations to compete.”

“How to get the various family members to get along and contribute to the business. Some see it as an entitlement.”

“Accurately predicting the future direction of the bricks and mortar business as well as the home do-it yourself-er/decorator.”

“Positioning the company to promote growth and profitability whether or not transition to the next generation occurs. Our main concern is how committed the next generation is to continue and grow the business. If the commitment is less than desirable, the company will be positioned for sale.”

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