Information

Ownership transition can be an eight to 10 year process, so start early, educate yourself, define your goals, and keep an open dialogue with your employees.

Are you doing what you really should be for your business right now? Or are you just floating along on a sea of uncertainty, afraid to move or you’ll turn over your raft?

Founding principal of PK Electrical (Reno, NV), a women-owned, small business electrical engineering and design firm founded in 1996.

In these uncharted times, we run the risk of only thinking about the immediate and not about where we are going to be three months, six months, or a year from now.

“Whether or not our businesses survive is going to be up to our response to the problem as leaders. It won’t be easy, but this, too, shall eventually pass.”

The situation is changing quickly, but versatility and fast decision-making have become necessary.

In this digital era of PURLs, OKRs, and java scripts, a dimensional mailer and handwritten note are still the best way to grab attention.

“I used to be addicted to social media … So I stopped. Today, I still use social media, though only for business purposes.”

“Are you making decisions as quickly as you should, or is this a problem that you keep facing over and over again? Just like all problems in this business, there’s always something you can do!”

In this era of recycle/reuse/renew, instead of discarding boilerplate information, we should embrace it.

“There’s a lot to know about your people. And we have to keep updating this information because your people are constantly changing.”

If you develop a reputation for being less than forthcoming, you could derail a critical ownership transition – and even destroy your firm.