Page 45 - GBC spring 2016

AVAILABLE IN 50 LB (22KG) BAGS 1 TONNE TOTES AND LOOSE BULK
www.ezstreetasphalt.ca sales@ezstreetasphalt.ca
877-575-7023
WORKS IN ALL WEATHER CONDITIONS
WHEN IS IT TIME TO TRANSITION?
The short answer is that most people don’t know when it’s the right time. They can’t imagine their life without the business. It defines their value and it’s where they feel safe and in control. From my experience as a business coach, here are five reasons to transition out of your leadership or ownership role.
1. You have all the money you need and have other things you’d rather do.
2. The business needs someone else to take it to the next level and you’re wise enough to recognize that.
3. You’re tired, anymore.
and can’t do it
4. It’s losing money and you don’t know how to fix it.
5. It, or some asset in it, is worth more to someone else than to you.
UNNECESSARY UNTIDINESS
Here is a real-life example of succession planning gone wrong. I’m currently coaching a business owner in a different industry who woke up one morning and said, “I’m 67, I’m tired and I just can’t do this anymore. I want someone to write me a big cheque so that I can walk out of here as soon as possible.”
He called me for help and we quickly determined that he needs at least $5 million for the business to pay capital gains tax and retire in respectable style. The problem is that his business is currently worth about $300,000...tops.
Golf Business Canada 45