There’s an interesting phenomenon I get to see. A lot of businesses that are growing have hit a level of maturity. But, they don’t plan for secession and ownership.
Of course, this leaves the business vulnerable to things that are going to happen to the owner or top management team. And a lot of times, what a company needs is a Board of Directors or some form of other experienced business people getting involved in the business. Getting the right people involved can make a huge difference. A lot of times, it’s a shocking experience for the owner of the business when they bring in an outsider’s perspective. Shocking in a good way.
Many business owners are very tied up in day to day of their business. They know their business like the back of their hand. They know how to make it successful, and they know the common issues in their business and they know how to solve them.
But they aren’t getting other outside perspectives at their same level. They don’t have contemporaries that are helping them look for new opportunities and spot issues which are what causes, what I call an “OMG” moment. [For those unaware, “OMG” is internet/text message lingo for “Oh My Goodness.”] For so many business owners, when they bring in directors or formal advisors to their business they suddenly feel liberated. They feel like they have other people that understand them. They feel like their business can grow, that they can find new opportunities.
The new opportunities and the growth of the business, generally, more than pays for the cost of building a structure and setting up the new Board of Directors by a wide margin. So, it’s a great reason to set up a business and expand it even beyond the great benefits of secession planning.
What are you doing to grow your business? Have you brought in an outside perspective? Are you really taking advantage of others that can help you make your business bigger? Join us in the comments below and let us know your thoughts.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Sootyangel .
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at firstname.lastname@example.org or (214) 418-0258.
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