EP 201 | Ready to Retire? What Happens to Your Business? | Guest: Stephen Shortt
November 22, 2022
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So you’re ready to retire from your business. What happens now? Do you have someone in mind to inherit the business? Do your children even want the business? These questions and more will be answered in today’s conversation!
On this episode, Chad Lingafelt chats with Stephen Shortt, a succession planning coach from Dublin, Ireland. Stephen not only has the smoothest voice with a beautiful accent, but also shares some insights that can help you decide what needs to happen before
People hate thinking about the finality of life, but ignoring what needs to happen when you are ready to retire or pass the business on can be a costly mistake.
Stephen shares the 4 possibilities that can happen to a Family Business:
1. Shut Down: Business shuts down once the leader leaves or steps down
2. Sell: The leader sells to an investor
3. Survive: Someone put in place just to keep going (just a painful stop)
4. Scale: The right people in right positions to scale and grow the business
Shift thinking from being the hero of everyone’s story to being the mentor for the next generation.
This is a great conversation for any business owner that is looking to the future and what needs to transpire once they decide to retire.
Looking to Sell Your Business? Connect with Chad Lingafelt for an Exploratory Call.
https://www.businessmeeting.online/sc...
Connect with Stephen Shortt & Successful Succession
Website: https://successfulsuccession.com
Instagram: / successfulsuccession
LinkedIn: / stephenshortt
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