Here are some potential “red flags” indicating the need for
a business transition:
- Revenue growth is stagnant, non-existent or revenue is actually
declining.
- Profits are declining, below industry average, non-existent or negative (the
business is making losses, not profits).
- The owner/CEO
is indispensable to the business, lacks a succession plan and / or management depth
or the business has outgrown the owner/CEO's capabilities.
The first step in bringing about a successful “transition” is to recognize that a transition is needed and then commit to doing something about it.
