The US census reports that as of 2007 there were just over 6M privately held businesses with paid employees. Of those 2.2M (36%) businesses were owned by owner’s aged 55 and above. Including the next age range bracket (45 to 55) you include another 2M business. You therefore have upwards of 70% of all privately held businesses facing some degree of succession due to ownership turnover from immediate to long term.
A good number of these businesses will receive good advice regarding planning either organization succession or a complete exit. For those pursuing an organization succession this process may take at least 3 to 5 years to groom a successor, orchestrate a smooth transition and quiet exit of the owner/founder.
Many owners will exit completely by selling the company to another private owner, holding company or Public Company. Hopefully the selling owner will enjoy an “Above-market Value” for their interest by investing in and implementing a value strategy. The challenge in this scenario is beating the rush to the market . . .
In this article Steven covers seven benefits derived by using a mentor to improve professional performance and develop a career path. Having a productive relationship with an experienced mentor for your area of responsibility can help you perform at a high level faster than your non-mentored peers. Steven argues that the best mentors often do it at no charge to you.
Seven key benefits of a mentor are:.
- Mentors Are Inspiring.
- Nothing Brings About Success Like Walking Through The Right Doors.
- It’s Hard To Develop EQ By Reading a Book.
- A Rabbi (NY City vernacular for mentor) Is The Best Anti-anxiety Treatment on Earth.
- You Need Not Be “To The Manor Born” To Have Baronial Credentials.
- Mentors Know What It Takes To Succeed: Professionally.
- Mentors Know What It Takes To Succeed: Spiritually.
Click here to read the complete article.
Note: Ask yourself the following questions.
- Are you a good candidate to have a mentor?
- What type of mentor would be suitable for you?
- How does a mentor relationship work?
If you are unsure if a mentor experience is for you contact Mike to learn about the Executive Coaching services available from Brice Consulting for you and your organization. Don't let your ego stand in the way of making a decision to seek a mentor or executive coach. What matters is knowing that you need to have access to key expertise and perspective to enhance your development as a leader and effective impact in your organization.
I asked a highly successful entrepreneur one time how he had managed to sell so many of his companies. "I've never sold a company in my life," he said with a broad grin. "I just know how to bump into the right people."
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