Ep.99: How to Choose a Successor for your Business

Sean:

I want to ask one very important question that also a lot of entrepreneurs who have a retirement plan at the horizon is how do you, how did you find Julia? How did you know that she is the right person to replace me as CEO? What was the process like?

Laura:

Honestly, I placed a lot of ads, but the people that know you best will lead you to the people you need. And I firmly believe that it was actually a woman that used to run my company that knew me really, really well. And she saw me through some of my darker times and saw her through some dark times. And we're still really tight friends now. I just told her, I was like, yeah, I got it. Go. I gotta go. But I don't want to let go of the money. I just don't want to do this anymore. Cause it's just really killing me. And I don't even think I'm doing a good job anymore. Do you know anybody? She's like, no. I'll let you know. And eventually, she managed to introduce me to this woman. She's like, you know, I'm not really sure that she's your person, but you guys should definitely hang out. She's the only person that terrified me as much as you. And then I met her. I was like, yeah. Wow. If that's how I come across, Oh my God, I'm scared. But turns out Julia was coming out of a very toxic employment situation that made her a little grumpy. I was just coming out of my own toxic situation that I built, I basically built my own prison. 

Julia needed somebody to be with that appreciated her, valued her, gave her lots of freedom, and lots of trust. And I'm a very trusting person. I'm a very clear person. I'm going to show you how to do it, and then I'm going to watch you do it. And then when I know you do it right, I'm not going to micromanage. Get me the reports I asked for on time. I will never bother you. 

Julia and I are very much, I guess, twins in that regard. I just think that things happen in the times that they should and when you. Put it out there to the people that know you really well, what you're looking for. I think it will come to you and some people are just looking for straight-up buyout cause they want to be completely done. 

Other people will, might be looking for, you know, a partner, a legacy partner. Like I was somebody else might be looking to sell to a larger enterprise and just get absorbed. There's a lot of different options and you know, there's a million people out there that can help you do it, but what I would say is if you don't have your plan, actually formulated start talking to somebody that knows about exit strategies, about how to build one and what options exist. Then talk to somebody else about it and ask them, what did that first guy not tell me? Because the first guy will not tell you everything.

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