Succession

Why Succession Planning is a Must for Black Businesses

Entrepreneurship Op-eds

You build up your company through blood, sweat, and tears. It’s a success. One day, however, you will need, or choose, to turn over the reins to someone else. Whether by simply appointing your successor or by selling the company outright, the transition to new leadership can be tricky, even painful.

At a time when Black communities tend to be underserved by the traditional mergers and acquisitions consultant structure, engaging an experienced advisor may be your best bet for a smooth transition. Selecting the right buyer could ensure the continuation of the business. A wrong pick could lead to a company’s downfall.

Handing over a business to new leadership or new ownership by no means is an easy process, asserts Monty Bruell, an Atlanta-based partner at Oaklyn Consulting who helps minority and female business owners find the right fit when it comes to succession.

“It’s about building relationships by listening,” he explains.

Bruell has more than 25 years’ experience as an entrepreneur, business consultant, and investment advisor and previously ran for mayor of Chattanooga, Tenn. His campaign carried a message of addressing economic disparities there and around the country.

“We’re here to give our best. I can’t have a preconceived notion about how each deal will play out. Every deal is different. We like to say we specialize in complex transactions,” he says.

Neither is transition a fast process. “We meet someone today who might not become our client until three to four years, and then the process of finding the right fit to take over the company takes time,” Bruell notes.

Beyond time spent on lots of number-crunching and reviewing bids to take the highest for the company, he explains, he also must consider the human factor to find the right new owners.

“Succession planning is not just about planning, it’s making sure the values of the company, the character of the company are continued even after the owner has moved on,” he explains. “Personalities are very important. Companies exist more than just numbers on a balance statement.”

Equally important, if the culture of the company works well, it should continue even after the company transitions to new hands. “You want to make sure that everyone feels part of the company and that everyone is on board,” advises Bruell.

The right succession fit is just as important for customers as it is for the owner. Customers want to be assured that the business will not change drastically. “Customers want to see a continuation of service and production,” says Bruell.

Succession has another layer when the company is Black-owned. If the wrong person or enterprise takes over a Black-owned company, customers may decide that the company has “lost its soul” and take their patronage elsewhere.

“Succession planning takes on a deeper significance for the founders of minority/women-owned business enterprises (MWBEs),” notes Bruell.  “African-American founders want to sell their company to an African-American buyer; they want to make sure that their customers and buyers are part of that legacy. There are a lot of people who are not interested in just taking the buyer with the highest bid.”

Sometimes, passing a business down to the next generation is neither a good idea nor an option.

“Parents might view their business as a family legacy that can generate wealth for generations to come, so they would be more motivated to keep the business in the family,” says Bruell. “But owners have to make sure their children are interested in the business. Sometimes children want to enter a different field and have no interest in running the family business.”

[SOURCE]

Author: Staff Writer

Black and in Business Team contributes insight to the intellectual capital of its readers.

Comments

comments

Tagged
Staff Writer
Black and in Business Team contributes insight to the intellectual capital of its readers.
http://www.BlackandinBusiness.com

48 thoughts on “Why Succession Planning is a Must for Black Businesses

  1. [url=https://finasteridetabs.shop/]cheap propecia india[/url] [url=https://advair.life/]price of advair diskus[/url] [url=https://buylipitor.monster/]cost of generic lipitor[/url] [url=https://retinoatab.online/]retino 0.25 cream price[/url] [url=https://finpeciatabs.online/]propecia india buy[/url] [url=https://xmodafinil.online/]where can i get provigil online[/url]

  2. Portion sizes see usp ivermec 16 In contrast to the proatherogenic roles attributed to TLR2 and TLR4, a recent study showed that TLR3 deficiency accelerated the onset of atherosclerosis in ApoE mice, 17 suggesting that TLR3 exerts antiatherogenic functions

  3. [url=https://over-the-counter-drug.com/#]chlorhexidine mouthwash over the counter[/url] amoxicillin over the counter

  4. [url=https://over-the-counter-drug.com/#]best sleep aid over the counter[/url] anti nausea medication over the counter

  5. Престъплението е извършено край хотелски комплекс “Сън вилидж”. Тежко ранено и младо момиче на 23 години, което е придружавало хазартния бос. То е с опасност за живота в бургаската болница. Друг често използван от некоректните казина трик е, че някои от игрите не са включени в бонусната система. Това обикновено са игрите, при които казиното има най-малко предимство и най-малко печалби, като рулетката и блекджека. Затова е много важно предварително да се запознаете с политиката и правилата на бонусите. https://moneyregard.com/community/profile/iqpcornelius075/ rotativki.online Ви предлага безплатна игра на най-популярните слот игри онлайн и ценна информация, с която да обогатите знанията си за казино игрите онлайн. Нашата цел е да Ви бъдем полезни и информативни. Трудно ли е да се мамят онлайн казината? Важно е да запомните, че е невъзможно да се мамят български онлайн казина със схеми, защото техните алгоритми са изградени върху математика и числа. Само познавайки тези цифри, човек може да подобри шансовете си за победа. Гореспоменатите схеми могат само да ви помогнат да направите играта си по-печеливша. Никоя от тях обаче не може да ви гарантира 100 % печалба.

  6. Όταν βγήκε λοιπόν το κουπόνι ΟΠΑΠ δεν υπήρχε τίποτα άλλο πάνω σε αυτό πέρα από το τρία σημεία του τελικού αποτελέσματος. Αναφερόμαστε φυσικά στο 1-2-Χ. Τα πράγματα ήταν απλά και πολύ λιτά. Μπορούσατε να παίξετε πάνω σε αυτά τα σημεία, τα οποία ήταν και τα μόνα που βλέπατε στο κουπόνι μαζί με τις αποδόσεις τους. Επιλέξτε την κατηγορία που σας ενδιαφέρει: Οι όμιλοι του Nations League ολοκληρώνονται απόψε με 9 παιχνίδια. Ξεχωρίζει το ντέρμπι της 1ης κατηγορίας στην Μπράγκα, ανάμεσα στην Πορτογαλία και την Ισπανία, που κρίνει την 1η θέση στον 2ο όμιλο. https://johnathanmcqe108653.isblog.net/netbet-31306010 Copyright © ΟΠΑΠ Α.Ε. 2021. All Rights Reserved. Γραφτείτε στο Newsletter μας για λαμβάνετε όλα τα τελευταία νέα της αγοράς, καινούριες προσφορές* και εξιδεικευμένα άρθρα που θα σας κάνουν καλύτερους παίκτες. Το πλεονέκτημα των ονλάιν καζίνο είναι το γεγονός ότι μπορείς να βρεις τα πιο δημοφιλή παιχνίδια καζίνο και να τα παίξεις δωρεάν. Δεν μπορείς να βρεις δωρεάν παιχνίδια καζίνο στα πραγματικά καζίνο. Δωρεάν παιχνίδια, δωρεάν γύρους, φανταστικά οπτικοακουστικά γραφικά και ήχους – όλα αυτά είναι μόνο ένα κλικ μακριά ατο Παιχνιδια-καζινο.ελ.

  7. Vulkan Vegas Casino has its mobile application. It is distinguished by its convenience. The application is available for Android and iOS. Also, it is constantly being updated. You will always enjoy the fast and high-quality app with timely updates. Just download it after you create an account. After that, you can be online regardless of the location. In terms of functions, it does not differ from the regular version. You will also be able to receive bonuses, make payment transactions, play in the casino and place bets, and so on. Vulkan Vegas brags about a strong collection of games. Hence, you are not going to have any problems when it comes to finding your favourite. You will find the games listed under ‘Game Hall’ and under this, you will find different categories. Choose the one that you prefer. You can also filter the games to choose a particular gaming provider. If you are looking for a specific game, you can use the search bar. All you have to do is type the name of the game and press enter. Check out the Vulkan Vegas casino games.
    https://forum.finveo.world/community/profile/wileyreilly6161/
    This is another extremely common offer. It is also one of the most straight forward. Online casino deposit bonus provides you with free cash when you make a deposit with a casino. This usually has to be the first deposit you make after you have registered a new account. Some casinos will offer a staggered deposit bonus, however – you may receive a bonus for the first three deposits you make for example. Any number of players can play online roulette using a live online roulette game. They make their bets using a software interface, just as they would with the software-based online roulette Canada casinos are filled with. When it is time for ‘no more bets’ the croupier waits to see where the balls lands and then announces the winning number. All winning bets are paid automatically by the software.

  8. Sloty ist ein Projekt von Genesis Global Limited. Das Casino ist in Malta registriert und steht unter der Kontrolle der maltesischen Glücksspielbehörde. Für die Einwohner von Foggy Albion bietet das Portal Dienstleistungen unter der Lizenz der britischen Glücksspielkommission. Beide Lizenznummern können unten auf der Homepage des Casinos oder auf der Website der Aufsichtsbehörde eingesehen werden. Wie Sie diesen Bonus einsetzen können und welchen Bedingungen dabei gelten werden wir in der Folgenden Anleitung zur Registrierung mit dem Iam Sloty Casino Bonus Code erläutern. Darüber hinaus gehen wir auf die Frage nach einer Iam Sloty Casino App und einem Iam Sloty Casino No Deposit Bonus Code nach. … heißt es also im Sloty Casino. Es handelt sich übrigens um das Schwester Casino vom Casino Cruise. Vielleicht haben Sie damit schon gute Erfahrungen gemacht. Ich hoffe mal Sie treffen da “Oben” auch den Glücksspiel Engel, der Ihnen dann zu guten Gewinnen verhilft. Noch mehr Freispiele nach Ihren Gewinn?
    https://healthgazettezone.com/community/profile/dannybreshears/
    Zwar bieten einige Online Casinos auch das Live Blackjack Spiel an, richtig gute seriöse Online Blackjack Casinos tun sich jedoch durch besonders hohe Live Casino Qualität hervor. Ärgerliche Abbrüche sind hier genauso ausgeschlossen, wie sogenannte „Lags“ (Verzögerungen). Voraussetzung fürs reibungslose Live Spiel ist hier natürlich eine schnelle Internetverbindung, weshalb Live Online Blackjack idealerweise über eine WLAN-Verbindung gespielt wird (und nicht über eine mobile Datenverbindung). Dieser Schritt mag vielleicht recht banal klingen, ist aber die Grundvoraussetzung, um Blackjack mit Echtgeld App zu spielen. Der Spieler muss ein Casino finden, in dem es a) Blackjack gibt und b) eine mobile Anwendung. Zu guter Letzt muss Blackjack auch zum Portfolio der mobilen Spiele gehören. Die Registrierung ist in wenigen Klicks erledigt, sofern alle Daten komplett und wahrheitsgetreu sind.

  9. Some are medicines that help people when doctors prescribe. earch our drug database.
    stromectol 15 mg
    Comprehensive side effect and adverse reaction information. Definitive journal of drugs and therapeutics.

  10. “Ich hab’s nicht glauben können, ich habe vier oder fünfmal kontrolliert, ob ich wirklich einen Sechser habe”, erzählte der Pensionist. Gespielt hat er mit dem System 3/05 . “Die Zahlen sind mir gerade so eingefallen, und ich habe das allererste Mal dieses System versucht”, schildert der Neo-Millionär den Weg zum Erfolg. Der Spieleinsatz für einen Tipp (Kästchen) Lotto 6 aus 49 beträgt einen Euro zuzüglich einer Bearbeitungsgebühr pro Spielschein. Dieser kann bis zu acht Wochen lang unverändert gespielt werden. Der Spieleinsatz für die Zusatzlotterien beträgt 2,50 Euro beim Spiel 77 und 1,25 Euro für eine Teilnahme bei Super 6. Die Teilnahme an der GlücksSpirale kostet fünf Euro. Die Wahrscheinlichkeit, beim LOTTO mit sechs Richtigen plus Superzahl den großen Jackpot zu knacken, ist mit einer Wahrscheinlichkeit von 1:140 Millionen extrem gering.
    https://bally-wulff-spielautomaten-online-spielen-39.bloggersdelight.dk/2022/10/28/online-casino-altersbeschrankung/
    Mit der kostenfreien gewinnabfrage von win2day kannst du anhand der quittungsnummer deine tipps mit den aktuellen gewinnzahlen vergleichen. Ihr zuverlässiger reisepartner für zimmer & Über 500€ (100% kostenfrei) heute noch frei: Quoten der offiziellen ziehungen vom lotto aus österreich! Lottozahlen zu lottoziehung vom 12.5.2021 in lotto 6 aus 45. Analyse Cookies So mancher mag sich über sein verlorenes Geld geärgert haben – andere erfreuen sich daran. Werden doch vergessene Gewinne in Form von Sach- und Sonderpreisen wieder ausgespielt. Allein jeden Sechser-Gewinn von “6 aus 45” holten Spieler bisher ausnahmslos ab. Denn selbst ein Fünfer auf dem Lottoschein wird mitunter übersehen, der fast immer mehr als 1000 Euro wert ist.

Leave a Reply

Your email address will not be published.