When it comes to deciding upon an exit strategy, owners of closely-held businesses have a lot to think about. Faced with the frightening prospect of turning over the business they have worked so hard to build to new ownership, they might worry about what will happen to the company – and their employees – once they’re gone. Selling the business to a third party isn’t always a welcome or viable option. But if there isn’t a qualified management team or successor in mind, what’s a business owner to do?
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A company is only as good as its people. Everyone knows that. So why is that in so many companies the vast majority of the information-hoarding and decision-making happens only at the top? Why have we been holding onto a managerial system invented decades ago to fit an industrial society that tells us that only the CEO and the rest of the C-Suite are smart and capable enough to drive the company forward?
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