The original owner had a vision for the company he created. The idea was to support new stylists as they established their career and encourage them to continually grow. Having achieved his vision and ready to retire, the original owner, and current CEO, are building a deal for the buyout of the Corporation. As such, there is the need to develop a sound transition strategy from current ownership to the next in a way that preserves the Legacy that had been built over the years.
- Finding a well-rounded candidate to run the day to day operations.
- Finding someone in the industry with an operational mindset (left-brained) that could ALSO communicate with the creative mindset (right-brained).
The Suggested Solution
When it comes to Transition Planning, we believe you only get one chance to get it right. We would suggest an exit planning strategy for the anticipated transition to avoid potential risk and ensure the viability of the company. We would also suggest a comprehensive interviewing process to make sure the owner found the right successor to ensure the legacy would continue. Legacy would help to structure the deal by partnering with a qualified third party to make sure the buyout was good on all ends and the company was secure.
Disclosure: All case studies have been written for illustrative purposes and should not be construed as a testimonial or specific client experience. They are hypothetical situations that discuss the complexities of a situation, event, or a problem that one could encounter in the work area.