Feeling Lost? -Why Information is Key
Each business owner or manager will face the point at which he or she needs to start planning his succession. This so-called business succession issue is a major point of interest within the European Union, as it affects the backbone of the European economy, the Small and Medium sized Enterprises (150,000 SMEs fail each year in finding a successor). In this situation, the business owner will become aware of its need for succession. Hence, the path to business transfer has started.
During this phase, the business owner tries to find likely possibilities for a business transfer. Having information available is a key element in this phase, but why? The answers are rather obvious; save money, save time and make better informed decisions. Saving time and money sounds good, though, the question is how this works?
- First: having information available in an early stage enables business owners to be more informed about the topic of business transfer, allowing them to save money and time during consultation by an expert, and in addition make better informed decisions.
- Second: the chances that a business owner would get less confused about available options. The point at which somebody is normally feeling lost can be avoided by providing good quality information on business transfers. The need for a second round of consultation is eliminated, saving both time and money for the business owner.
In short: better decisions are made when high quality information is available – preferably at low cost – and money and time are saved – both factors that will find good use somewhere else in the company.