Advisely BoardAMA: I'm Darren Smith and I've just implemented a business succession plan, Ask Me Anything!
Advisely TeamIn yesterday’s Advisely webinar with anne.graham Tamara.Morey rod alexander.klomp, there was a great discussion about getting team buy-in on timeframes for delivery and some of the challenges associated with it.
So with something as massive as a business transition, I wanted to know did you encounter any difficulty with getting everyone in the team on board? And if so, how did you manage it?
Advisely BoardA great point Rainier
Time is certainly one of the key constraints in any succession process
We always had our plan as preparing the business and team for a trade sale given our size . So the focus primarily was always on improving the business to make it more attractive for a potential purchaser, so our business was ready . In terms of being able to communicate when the potential transaction was starting off we had restrictions as one of the parties was a listed entity. This was problematic as there was only a small inside circle until it was announced .
We had a challenging 7 week period where a lot was happening but we could not say anything .
