Looking to sell your business?
Michael Beck joined CEOtoCEO to share his expertise on how business owners can develop a successor strategy for their business. His insights, case studies, and recommendations provided opportunities for business owners to consider, and mitigate, challenges that may come up in finding the right successor.
Michael is an executive coach, business strategist, author, and president of Eliciting Excellence, a firm specializing in the assessment and development of leaders. In addition to many other executive management roles, he once served as a Business Advisor to the Royal Family of Saudi Arabia. He was charged with identifying market opportunities, negotiating multi-national contracts and launching new business units.
Michael shared some startling statistics regarding the number of businesses owned by Baby Boomers (born 1946-1964) that will be looking for a successor in the next 5 to 10 years. According to the SBA, of the 6 million small business owners, 60% are Boomer-owned and nearly 75% of owners will not find an individual buyer!
Allowing for strategic acquisitions and private equity (~25% of M&A deals close), it means that a full 50% of all Boomer-owned businesses will not find a buyer of any kind!
Michael discussed the importance of starting early, not waiting until it's time to sell or transition. The first step would be a 360 Assessment of the business, and working with professionals that can assist with identifying and developing a successor.
Michael shared useful information on:
- Successor success factors
- Challenges finding a successor
- The Four Stages of Development
- Essential Traits and Competencies for Leadership and Ownership Success
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