ARTICLE
6 December 2017

Avoid These 5 Common Mistakes In Business Succession

CW
Clark Wilson LLP

Contributor

Clark Wilson is a multifaceted law firm based in Vancouver, BC with a strong track record of being highly integrated into our clients’ businesses. Known for our industry insight, entrepreneurial culture and strategic networks, we actively seek to connect our clients with the people, resources and solutions they need to succeed.
Whether a business is worth $1 million or $100 million, the same principles apply when it comes to business succession.
Canada Corporate/Commercial Law

Whether a business is worth $1 million or $100 million, the same principles apply when it comes to business succession. After many years of experience in private company succession (and with approximately two-thirds of a billion dollars of transaction value behind me) I see business owners falling into the same predictable patterns time and time again.

It's understandable because while business owners are skilled at business operations, they have little experience in succession planning. After all, most business owners will sell or transition out of a business only once. Let's look at some of the key lessons to be learned:

  1. Never Letting Go
  2. Overvaluing the Business
  3. Failing to be Pro-Active
  4. "I Am the Business"
  5. No Management Information Systems

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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