Transforming Legacy: The Bold Journey from Lifestyle to Value in Family Businesses”

When I work with family businesses to explore exit options, the conversation always comes around to value. That’s what buyers want – transferrable value.

The transition to value-based is not easy. Emotions run high as the business grapples with changing the business model that was more than just a source of income; it was a part of their identity.

Implementing strategic changes like the following:

Streamlining operations

New marketing strategies

Measure performance against industry benchmarks

Increased profitability and fiscally responsible growth

Reducing family funding that’s not directly tied to the business

The journey is not just operational changes but a fundamental shift in mindset. Yet, it’s worth it for the longevity and legacy of the business.

If you’re facing similar crossroads, remember, the path is challenging, but the rewards are significant.

Rich Hall

Business Advisor | Certified Exit Planning Advisor

www.richhallgroup.com

Originally Published on https://www.richhallgroup.com/blog

Rich Hall Certified Exit Planning Advisor | Business Advisor | Baby Boomer

Rich is a Certified Exit Planning Advisor (CEPA) and business advisor with substantial experience in business coaching, advising, leadership development, business valuation, value acceleration, succession planning, and more. Rich is also a certified Baby Boomer!

​He is a member of Silver Fox Advisors, facilitates CEO Roundtables and nationwide mastermind groups. He was recognized as one of the Top 15 Coaches in Houston in 2022.

​Rich earned his undergraduate degree in Management Science from Georgia Tech, his MBA from the University of Houston, and his CEPA certification from the Exit Planning Institute.

He is the proud father of three sons, Jeremy, Mark, and Daniel, the grateful husband to his wife Jamie, and best friends with Bucky and Riley (dogs).