In this episode of PowerTips Unscripted, Victoria and Mark are joined by Pete McDowell to discuss succession planning and how business owners can exit their company. According to Pete, there are four primary ways for a business owner to leave their company: selling the company, transferring the company to family or employees, or ESOP. He also highlights some of the basics of a succession plan, regardless of the option the business owner chooses.
Pete McDowell is a Partner at ActionCOACH Columbus. Pete, alongside his partner, Peg Buehrle have recently joined Remodelers Advantage as Consultants. They help people evaluate each of these options and select the best path. Along the way, they assist their clients to work less and build the value of their business. In this way, you can enjoy life NOW and look forward to a comfortable next chapter!
Pete, Victoria, and Mark talk more about:
- Preparing the team for succession planning
- Examples of well executed succession plans
- And more…