What Happens After The Initial Shock?
Last month, I wrote about two situations where an owner passed away unexpectedly – and the spouse was left asking:
“What do I do now?”
In both cases, the immediate focus was the same: Stabilize the business, support the team, and create enough clarity to avoid reactive decisions.
But once that initial phase passed, a different question began to emerge:
What are our options now?
And that’s where things often become less clear. Even a strong, profitable business doesn’t always have options or the ability to transfer, sell, or step away.
Why? Because the business hasn’t been prepared to operate without the owner. That gap between a business that runs well and one that is transferable is something we see a lot. It isn’t something an owner and his/her management team is dealing with on a day-to-day basis. However, when it’s time for a transition, that transferability becomes very visible very fast. And if that transition is due to an unexpected death, it’s even more difficult to navigate through.
In next month’s blog, I’ll walk through what creates real options, and why many good businesses aren’t as ready as their owners assume.
Stability is important. But it’s having options that gives the owner, the family and the management team greater freedom to act with the greatest number of choices.
Want to learn more? Click here for more reading on business transitions and readiness.
If you would like to discuss your situation on a confidential basis, please call Alison at 224-688-8838 or email me at [email protected]. We’re here to help you Harvest Your Potential.
