Publisher
Anand Ablack
Managing Editor
Rob Kelly
Associate Editor
Adam Malik
Art Director
Tammy Leung
It takes character
to win in this game
Contributors
Grant Cameron
Gundi Jeffrey
Geoff Kirbyson
Paul Lawrence
Krysta McBernie
Donalee Moulton
THERE ARE SOME lines of work that simply don’t translate to business planning
as such. Policing comes to mind. Here’s a
brief sketch of its strategy: A large group
of employees will be hired to enforce rules
that are generally broken by a relatively
small collection of criminals who make it
their business to do so when the cops are
not around.
It follows then that the police will devote extraordinary resources to monitoring
known or suspected felons, and to building
files with the aim of proving to a third party
(in court) that the lawbreakers performed
an illegal activity in a given place at a specific time — even though in most circumstances only willing participants were on
hand to witness it.
Virtually everyone will agree that policing is absolutely essential to a well-ordered
society and almost no one would quibble
about the methodology or outcomes inherent in this vital service. But, truth be told,
taking down major criminal enterprises involves more time and personnel than any
private sector business would ever commit.
So the state does it.
Unfortunately for most entrepreneurs,
the state will not offer much assistance
when it comes to a task almost as complex
and daunting as law enforcement: Turning
over control of your business to someone
else who is willing to fairly compensate you
for it. Oh, and throw a family stake into the
mix as well for added volatility.
Anybody who thinks they can manage
such a transaction by themselves prob-
ably has a fool for a client, unless they are
both accountant and lawyer in addition
to their entrepreneurial talents.
Just as is the case with many law enforcement matters, messy emotions are in
play when it comes to selling your business. And just as is the case with law
enforcement, the recognition that emotions are so much in the forefront makes
adherence to systems and methodologies
that much more important. This is not to
minimize the emotional content of the
matter, but instead to recognize the power
of feelings, and to work through issues in
the face of that challenge.
This issue features stories about getting used to the idea that it is time to sell
your business, outlining the steps to do so,
finding a suitable successor, dealing with
family issues, deciding what the business
is worth, getting the right team of advisors
together, negotiating a deal and making a
prosperous, successful exit.
The business owner who accomplish-es all of that and maintains some degree
of harmony among stakeholders can lay
claim to a significant accomplishment.
Like the best in law enforcement, they
will have prevailed in a high stakes
game where the ratio of success to failure is often skewed toward failure. That
takes drive, determination, resiliency
and some sense of obligation to others.
In short, character.
Production
Pauline Braithwaite
Marlene Roopsingh
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Jim Grice
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Scott Welsh
Email: scott.welsh@lexisnexis.ca
Cover Illustration
Art Valero, Images.com
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COPYRIGHT/TRADEMARK
Focus on Succession Planning is a supplement published in The Bottom
Line by LexisNexis Canada Inc., 123 Commerce Valley Drive East, Suite
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