Hiring a professional president
As a business owner, is it a good idea to hire a “professional president” to keep various managers focused? Today, we’ll present some potential benefits of a professional company president.Â
As a business owner, is it a good idea to hire a “professional president” to keep various managers focused? Today, we’ll present some potential benefits of a professional company president.Â
“How hard can planning my exit really be? I already made it valuable, so all I need to do is find someone to buy it for what I want, right?” If you’ve ever watched a professional football game, you might be familiar with the armchair quarterback—someone who says, “How did he miss that throw? I could do that!”
Many business owners eventually reach a crossroads where their families want them to slow down and take it easy, even if they aren’t ready to. This can be even more challenging if, as one business owner put it, you “feel more appreciated at the office than at the dinner table.” Â
For many business owners, the business is more than a means to make money—it’s a part of their identity and a link to the past. This can make the idea of leaving it, and committing to the planning required to leave it successfully, very challenging.
Selling your business comes with major tax implications. You likely don’t want to pay any more than the minimum in taxes when you sell. With planning, it’s possible to reduce your tax burden and reap the most out of a business sale.
Business owners are used to having control. But some things are uncontrollable, and without a plan, those uncontrollable things can create negative consequences that reverberate. Â