FAILING TO PLAN IS PLANNING TO FAIL. Very common words that are said by many but not applied so often by people, especially with matters of succession and exits. In this episode of The Disruptive Successor podcast, Jonathan welcomes Phelps Wood, a Family Business Advisor and Founder of Tres Across. Phelps will be talking about the importance of Succession Planning or Exit Planning through a case study on his personal experience with their family business, and what are the things you need to know before doing so. HIGHLIGHTS Introducing Phelps Wood Exits or successions should be planned Leaving and going back to the family business The sweet spot of succession planning Difficulty of letting go Explaining the 5 Ds of business Know your financials Communicate early and often QUOTES Phelps - Thinking about succession or exit planning: “I think the key is that whether you're going to call it Succession planning or Exit Planning, it's something that business owners need to be thinking about.” Phelps - The 5 Ds of business: “They talk about the five Ds of businesses, which none of them are positive, you know, death, disability, dissolution, divorce, and one of them is departure.” Phelps - Common things business parents do with their kids: “That's very common in a lot of family businesses, the kids are kind of introduced to the business by their parents, because it's such an important part of their life, you know, the people that work there, some of the individuals end up almost as family members.” Phelps - Know about the financials: “You've got to get your hands around the financials, of the of not only the business, but I'd say Don't think of it as a family business, but think of it as a kind of family enterprise.” Phelps - Communicate early and often: “I think the one lesson learned is, communicate early and often, you've got to put procedures in place to ensure that that communication happens.” Connect with Phelps and learn more about his work: About Phelps Tres Arcos Partners Email: phelps@tresarcospartners.com If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com
FAILING TO PLAN IS PLANNING TO FAIL.
Very common words that are said by many but not applied so often by people, especially with matters of succession and exits. In this episode of The Disruptive Successor podcast, Jonathan welcomes Phelps Wood, a Family Business Advisor and Founder of Tres Across. Phelps will be talking about the importance of Succession Planning or Exit Planning through a case study on his personal experience with their family business, and what are the things you need to know before doing so.
HIGHLIGHTS
QUOTES
Phelps - Thinking about succession or exit planning:
“I think the key is that whether you're going to call it Succession planning or Exit Planning, it's something that business owners need to be thinking about.”
Phelps - The 5 Ds of business:
“They talk about the five Ds of businesses, which none of them are positive, you know, death, disability, dissolution, divorce, and one of them is departure.”
Phelps - Common things business parents do with their kids:
“That's very common in a lot of family businesses, the kids are kind of introduced to the business by their parents, because it's such an important part of their life, you know, the people that work there, some of the individuals end up almost as family members.”
Phelps - Know about the financials:
“You've got to get your hands around the financials, of the of not only the business, but I'd say Don't think of it as a family business, but think of it as a kind of family enterprise.”
Phelps - Communicate early and often:
“I think the one lesson learned is, communicate early and often, you've got to put procedures in place to ensure that that communication happens.”
Connect with Phelps and learn more about his work:
If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com