You built your empire from the ground up. That’s right: You are the pillar of strength for your organization, so what’s going to happen when it’s time to sell? How are you going to ensure that the structure of your organization not only stays standing but remains sturdy once your shoulders aren’t there to handle all the weight?
- Identify which of your employees are load-bearing.
Whether you are planning to sell your company to an outside owner, family member or key employee, your load-bearing employees are essential to maintaining the structural integrity and value of your business. How will the weight that you are carrying be distributed after you are gone? Who isn’t going to buckle under the pressure or bow with the passing of time?
- Keep them (even after you’re gone).
Offer incentives to load-bearing employees especially if you see the potential of passing on your torch to them in the future. Keeping them invested in the business as if it was theirs already, builds commitment and capacity.
Ingenious benefit incentives help to ensure that your exit strategy operates like a blueprint instead of a pipedream. Collaborate with your financial adviser to design benefit incentives that will motivate the growth of your employee’s loyalty to the organization and to their personal futures. Don’t give them a reason to seek another career opportunity. The longevity of your load-bearing employees will heavily influence the longevity, and ultimately the sales value of your organization.
You wouldn’t make a major change to the structure of your home without reaching out to an architect. Why would you make the biggest change your company will ever know without the help of an appropriate trusted advisor?
And if you need a recommendation on a financial service professional to help you identify incentive benefits, call me (Abby: 336.458.9939 or email: Abby@LeadershipLegacyGroup.com). As the founding chair of the Succession Planning Roundtable, credentialed financial services providers with expertise in succession and exit, I can help you find the right resource for your particular situation.
How are you retaining your load-bearing leaders?