I’ve decided to make two changes that I think will make the first Succession Solutions cohort considerably stronger.
When I announced the workshop a few weeks ago, I heard from a number of owners who loved the idea but simply couldn’t make eight two-hour sessions work on short notice. Others said succession planning was absolutely something they wanted to do—but they hadn’t planned for it in this year’s budget. The more I thought about it, the more I realized they had a point. Succession planning is one of the most important decisions you’ll ever make as a business owner, and it deserves the time and attention to do it well.
So I’m moving the first cohort to Monday, January 11. We’ll meet on Zoom from 3 p.m. ET to 5:00 p.m. ET every other Monday for eight sessions:
January 11
January 25
February 8
February 22
March 8
March 22
April 5
April 19
I’m also introducing a special Founding Cohort Tuition fee for owners who reserve their spot before October 1.
Founding cohort fee (through October 1): $1,650
Regular fee: $1,950
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 learned 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 our 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, along with 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.
An additional note about candor and privacy: The sessions will not be recorded and notetakers will not be admitted. What’s said in the Zoom will stay in the Zoom.
Among the topics we’ll explore:
Selling to family
Selling to key employees or a management team
Selling to investors or strategic buyers
Selling to larger companies
ESOPs, Employee Ownership Trusts, and worker co-ops
Why NOT selling may be your best option
How the numbers (including taxes) 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. The cohort is limited to approximately 10 owners to ensure everyone has the opportunity to participate meaningfully. And as before, the workshop comes with a full money-back guarantee. If you’re not completely satisfied, I’ll refund your fee. No questions asked.
If this sounds like a better way to explore your options, I’d encourage you to reserve your spot now. I expect the first cohort to fill quickly, and once all 10 seats are taken, I’ll begin putting together the guest roster based on the interests of the participants.
As always, if you have any questions, just reply to this email. I’d be eager to have a conversation with anyone who’d like to know more.
— Loren