For many reasons, the midst of a pandemic might not seem like prime time for selling all or part of your business. Uncertainty is high, and COVID-related slowdowns may have devalued companies from what they would have been worth to a buyer in 2019. So it’s no surprise that a lot of owners assume they need to get things back to pre-pandemic levels to maximize a potential sale. Plus, many are coming off their best year in 2019 and don't want to sell in a down market. Worse, not only are many owners unsure about selling, they’re also hesitant to make any significant investments in their businesses—with the persistent uncertainty in the current market, they see it as too much of a risk.
We are in an unprecedented situation. Traditional crisis response tactics won’t be enough: the global shutdown is creating enormous disruptions, and we need to figure out how to get our businesses safely to the other side of the crisis. To set ourselves up to survive the ongoing storm, we need to act quickly and decisively. Here are 10 ways you can lead your organization through the crisis:
You’ve put a lot of sweat equity into your business, and you’re invested (both financially and emotionally) in seeing it succeed. But what happens when you want to step back a bit – or step down completely? What if the competitive landscape in your industry has changed and you must adapt? Are you up for the challenge at this point in your life? Do you want to give loyal employees the opportunity to take on these challenges – or start passing the torch on to the next generation of family members?
Topics: Business Transition