Advisely BoardAMA: I'm Darren Smith and I've just implemented a business succession plan, Ask Me Anything!
Advisely BoardHi Darren.Smith I'd love to know what you would do differently if you had your time over again.
Along with what worked really well for you.
- Darren.Smith
Thank you for the question
What would you do differently
Personally I don’t tend to spend too much time looking backwards in the rear view mirror and what I could have done differently.
In terms of the succession event and process there is nothing I would do differently; it was very quick and it was respectful. We had been preparing for it to happen at some point but the opportunity arose and we embraced it. Probably the bit I was a little underprepared for was the emotional rollercoaster which was compounded by the speed of opportunity to execution.
Similarly with the business in the lead up, we had spent considerably focus on building a stronger and more profitable business. We knew that if we remained focused on building a strong business and…… delivered value to the clients that we looked after that we would have something that was attractive to many.
In hindsight we certainly were focused on the right things, the question I have asked myself is whether we could have embedded some of the changes more quickly. The short answer is yes, particularly around business efficiency.
What worked well
- The business was ready and I was personally ready
- The business was in good shape and attractive to many potential buyers
- The business was well regarded and we were proud of what we had jointly created
- Facilitated a great outcome for all stakeholders involved: business owners, staff, clients and the purchaser.
- We had nutured a potential acquiror over many years and created an environment of advocacy and respect
- We had progressively evolved the business and focused on building a strong culture and team which survived beyond me.
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