Life After Business
About This Show
Sell your business when you want, to who you want, for how much you want. Ryan Tansom’s goal is to bring you all the information he wishes he had when they sold their company. He will teach you to build the value of your business, set your timeline, and harvest your wealth during the sale so you can exit your business happy and transition into a life after with passion, purpose, and community.
Most Recent Episode
Can your kids afford to buy the family business?
6 days ago
Handing a family business down to the next generation is a notoriously difficult process… This week we thought we’d speak to an expert in succession planning to help give you the heads up if you ever find yourself in that situation. Are you a parent thinking about handing down your business to your kids, but you’re not sure how to divide the earnings and the responsibility? Or are you about to inherit your family business but are unsure how it should be divided among your siblings who don’t work in the business as much as you do? These scenarios and more will be covered off in our chat with Jon Schindel - a man who’s been doing this for 13 years and has really seen it all when it comes to family negotiations. What’s the most common problem you face in the first meeting you have with a family? People don’t know what succession planning really is, and they are overwhelmed by the amount of possible options. The key here is to not worry too much about all of the potential different roads - it’s about sitting the family down as a group and finding some kind of common ground, and then finding the right frameworks and conventions to fit with that. How do you broach giving up control of the business yourself? First of all, you need to define exactly what YOU want out of the transition, i.e. a large payout that can see you through retirement, a retained interest in the business, a partial relinquishment of day-to-day work or a complete exit. Then make an honest assessment of who in your family is capable of picking up the slack in your absence. Then work out the boring stuff that can easily be defined in numbers, i.e. how quickly do you want to exit the business, and do you want to relinquish all shares or retain a stake? How do you divide up the different shares and wages for the inheriting members of the family? Frank discussions are required. The parents need to be clear from the outset with who gets what and why. Practically, how can you give people different amounts of responsibility going forward? A good way of do