UPDATE: Succession Solutions Workshop Starts July 27
This is an opportunity to explore your succession options along with a group of other smart business owners.
I recently floated an idea in the Morning Report: What if we created a small, owner-to-owner workshop where business owners could think through succession planning together—without being sold a particular solution? The response made it clear there are owners looking for exactly this kind of conversation, so I’ve decided to move forward. The first Succession Solutions peer-group workshop will begin Monday, July 27, at 4 p.m. ET. We’ll meet at the same time on Zoom every other Monday for two hours and for eight sessions:
July 27
August 10
August 24
September 7
September 21
October 5
October 19
November 2
Sooner or later, one way or another, all business owners leave their business. The question is whether they do it on their own terms. Will you sell to family? Key employees? Investors? A competitor? Is an ESOP, Employee Ownership Trust, or worker co-op a better fit? Or should you not sell at all?
These are among the biggest—and most personal—decisions a business owner will ever make. Yet many owners spend more time planning next year’s budget than they do planning the biggest financial event of their lives.
Over the years, I’ve interviewed hundreds of owners about how they built, ran, sold, transferred, and sometimes lost their businesses. One thing I’ve learned is that there is no single right answer. Every succession path involves tradeoffs. But I’ve also found that owners make better decisions when they can learn from people who’ve been through the process and from peers wrestling with the same questions.
That’s what this workshop is designed to provide. In the first session, we’ll get to know each other: how far we’ve gotten in our own explorations, what more we want to learn, and which entrepreneurs and experts we’d most like to hear from over the course of the workshop. After that, each session will include:
A special guest. We’ll hear from experienced entrepreneurs who have lived through succession as well as carefully vetted practitioners who can answer questions without turning the conversation into a sales pitch.
A peer discussion. The second hour will be devoted to candid owner-to-owner conversations about the decisions participants are facing, the options they’re considering, and the questions they still need answered.
We’ll discuss topics including:
Selling to family
Selling to key employees or a management team
Selling to investors or strategic buyers
ESOPs, employee ownership trusts, and worker co-ops
Why NOT selling may be your best option
How the numbers really work
How your role, income, and identity change after an exit
What former owners wish they’d done differently
This isn’t a series of presentations. It’s a working group for experienced owners who want honest, practical conversations with other owners facing similar decisions. Participation is limited to 10 owners to ensure everyone has the opportunity to contribute meaningfully.
The fee is $1,950 for the full eight-session program. If you’re not completely satisfied, I’ll refund your full registration fee. No questions asked.
If this sounds like the right time and the right way to think seriously about your succession plan, I’d encourage you to reserve your spot now. I expect the cohort to fill quickly. If you have any questions, please reply to this email. — Loren