Succession Planning Question 5: How sound are your financial statements?
Succession Planning Question 4: How can you retain key employees.
Succession Planning Question 3: How much is your business worth?
In the past few years, businesses waited all year long to find out if Congress would increase the standard 179 deduction limited from $25,000 to a larger amount. This made it difficult to plan significant year-end purchases—often leaving buyers scrambling to negotiate deals and take delivery in the midst of the holiday break.
CNC shop owners tend to be independent types. After all, that's why they run their own businesses. For some, this independent streak also means they seldom take advice from others. However, few of us are skillful in every aspect of owning and operating a business. That's why it makes sense to consider developing a board of advisors made up of people with various talents that compliment your own.
Succession Planning Question 2: Do you plan to sell the business? If so, to whom?
Succession Planning Question 1: What is your personal vision and timing?
Most manufacturing business owners are much more interested in starting and running their shop than planning for the day they step away from it.
Sometimes we make things more complicated than they need to be. When it comes to bringing in new customers and keeping the ones you have, the simple truths you learned as a child are still the basis for effective marketing. In fact, they’re the foundation for true success in all aspects of business. So take just a moment to remember what Mom, Dad and your teachers told you:
When you run a CNC machine shop there’s always a lot on your plate. You deal with employee issues, job deadlines, working with suppliers and, of course, keeping the pipeline filled with work.