Real Stories About Business Owners in Transition is Released
MINNEAPOLIS, Aug. 19, 2014 /PRNewswire/ Baby boomer owners pondering how to exit their businesses can learn from other owners' transition stories in a new book authored by the principals of BizBridge TM, a transition blueprint resource and consulting firm. The book, "Find What's NEXT For You: Business Owners Share Their Transition Stories," is a collection of personal experiences, tips, best practices, and lessons learned for owners thinking about selling or passing on businesses to the next generation.
According to a 2012 MarketPulse study, "For the first time, baby boomer retirement was the number one reason driving business sales across all Main Street and lower middle market sectors."
The owners' stories were originally presented at monthly breakfast roundtables facilitated by the book's co-authors, who are experts in business succession planning and inter-generational issues:
- Steve Coleman has advised family and privately held businesses for 30 years and has facilitated family councils to help families communicate about exit strategies; and,
- James Gambone, Ph.D., has 23 years of helping businesses and organizations understand what it means to work in a multi-generational work environment or sell a business to a younger generation.
The eight-chapter book covers: uncovering a personal ownership story, finding a successor, understanding the next generation, getting a business ready for transition, designing a personal and business transition plan, making personal lifestyle choices, defining a genuine legacy, and learning from others through best practices.
"No two transition stories are alike, which is why it is a powerful book of real stories about real business owners," according to the co-authors. "It's a blueprint for succession planning."
In addition to the personal stories, the book's advice includes seven lessons for finding a successor, six dimensions of life for creating a comprehensive transition map and five basic elements of a good transition plan.
Tom Hubler, nationally recognized expert on family business issues and CEO of Hubler for Family Business, wrote the book's foreword.
Biz-Bridge LLC (www.Biz-Bridge.com) helps owners and their trusted advisors to establish a transition roadmap using a unique, online software tool. The owner roundtables are sponsored by Platinum Group (www.theplatinumgrp.com), a major Biz-Bridge investor that provides turnaround, advisory and transition services.
SOURCE Biz-Bridge LLC