In this segment from Dirty Secrets of Small Business, Adam Sonnhalter and Jack Mencini discuss: How do you transition the ownership and leadership of the business without destroying the family?
How do you be fair for the kids and keep the family together while transitioning the business?
As business coaches with Maximum Value Partners (MVP), Jack and Adam have seen their clients try to exit the company over time so that when the day comes for the owner to leave, the company is in good hands of the new leader because there has been an effective transition planning over several years to have the change in leadership be almost seamless.
Jack and Adam become facilitators to be at a high level to determine what is best for the organization and to advise the owner on how to plan for transition. As small business coaches, they come into the situation to make sure they have a good relationship with all the parties involved and have their voices be heard.
This can be difficult with family dynamics and even more difficult in a family business. Jack and Adam as MVP coaches take the emotion and add objectivity to the situation. It becomes an equitable environment and they are able to manage the tough discussions with everyone for a successful transition and outcome.