BIRMINGHAM, Ala. — In the June issue of Water Technology, Dr. Stacy Feiner writes about how a smart exit strategy can contribute to businesses’ returns on investment.
Feiner details the account of two brothers, Travis and Carl, who inherited a construction company after their father’s unexpected death. The lack of a succession plan opened the company up to risk. The brothers had also resolved to not talk about business at home, so their families weren’t involved in the company. To help establish the family legacy, Feiner helped them come up with steps to take. They:
- Broke through faulty assumptions that clouded their thinking about their exit options
- Determined the company’s value and examined the gaps in their expectations
- Explored their reluctance to involve the next generation and found that the brothers had an important story to tell
The brothers’ children began to take an interest in the business after Travis and Carl told them about the business’ history. Because of this two potential successors came forth, securing the company’s future. The story shows how valuable well thought-out succession plan can be for a business.
You can read the entire article here.