Preparing Business Owners for Successful Transitions

@bill withers is founder of @the Adapt Way and author of 'Succession Thinking'. 

In this conversation, Michael and Bill discuss the challenges and strategies for building resilient businesses, emphasizing the importance of shifting from a short-term profit mindset to a long-term vision. 

Bill shares his journey from a challenging upbringing in #Kununurra to becoming a successful entrepreneur and business leader. The conversation delves into key themes;

• the importance of stewardship in small and medium enterprises (SMEs), 
• the lessons learned from selling his business Acquire, 
• the vision behind his current venture, ADAPT, which aims to support SME owners in building resilient businesses,
• the need for leadership development within SMEs, and 
• the significance of creating a supportive community for business owners. 

They explore the need for;

1. Role clarity, 
2. Trust in business culture, and 
3. The legislative changes required to support small and medium enterprises (SMEs). 

Bill highlights the significance of decision-making infrastructure and the need to rethink capital distribution to empower SMEs. 

The discussion culminates in the idea that business owners should focus on creating options and flexibility rather than viewing selling as the only exit strategy.

Takeaways;

• Stewardship is crucial for the success of SMEs.
• Business owners often feel overwhelmed and isolated.
• Leadership development is essential for SME growth.
• The sale of a business should be approached strategically.
• Bill's upbringing influenced his passion for supporting SMEs.
• ADAPT aims to create a supportive community for business owners.
• The distribution of wealth and power is vital for a healthy economy.
• Business owners need to clarify their roles for better outcomes.
• Building capabilities is key to successful business ownership. It's a binary thing; working hard doesn't guarantee success.
• Return on vision is often more important than return on investment.
• Building a resilient business requires new practices and habits.
• Role clarity is essential for effective decision-making.
• Trust is the key to optimizing business culture.
• SMEs need different legislation than large corporations.
• Capital distribution must be rethought to support SMEs.
• Culture is built on trust and authenticity.
• Business owners should focus on choices, not just selling.
• Maximizing the probability of achieving business goals is crucial.

@kerrcapital

@Michael Kerr

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michael.kerr@kerrcapital.com.au

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