Succession to the next generation
We work with business owners to build their businesses into an Asset of Value. One of the key features of an Asset of Value is that of a day, should the entrepreneur choose to, it can be sold for a premium price. We’ve worked with business owners who found themselves with the following challenges:
TIME IS RUNNING OUT
This business owner started his business in his late 50s with a view to selling it for a decent price when he no longer could work. With his energy waning, the valuation of the business was disappointing, but he refused to close down.
Regular meetings with Aurik provided him with the insight and momentum he required to identify a clear vision and implement a strategy to achieve it. Focusing on systems and structure within the business, he was able to extract himself from the day to day activities and drive the business instead of it driving him. The extra time he had revived his energy. He chose not to sell immediately after the 2 years of working with Aurik but instead opted to sell over time to his management team and at a price that would reward his historic risk through business growth going forward.
Two siblings working in the family business were constantly bickering and driving their father crazy. He found he couldn’t extract himself from the business for fear of it imploding.
Aurik’s mediation, centred on agreed business goals, allowed them to create clear roles and responsibilities for themselves. The siblings worked better together; the company functioned well, and the father was able to act as chairman – no longer needing to be involved in the day to day activities.
AGREEING ON BUSINESS DIRECTION
A father and son were locked in a stalemate around the future of the business. Nearing retirement, Dad did not want to make radical changes to the business he had spent 26 years building. His son, however, saw the need for change.
Through Aurik, they were able to implement a plan of action where a structured handover of skills aligned both of their business goals, roles and responsibilities and took the business to the next level.