When selling a business, how can you get advice from business owners in the same situation? Who can a leader turn to? A leader must always look the part: confident and knowledgeable. The truth is, however, that when you sell your business, you are likely doing it for the first time and facing situations and decisions that aren’t taught in any classroom.
How can you make sure all options have been discovered and thought through? The impact of your decisions can be dramatic on you, your family, the business and your employees, and the stress can be tremendous. Who can you rely on that has been in these shoes before? One way is through Peer Advisory Boards.
When we set up Peer Advisory Boards with a curriculum specifically for transitioning business owners, they are embraced wholeheartedly. The business owners give and receive a wealth of advice and support both personally and professionally for each other. It is a safe haven where other selling business owners faced with similar personal and professional challenges gather to share experiences and consult with each other in absolute confidence. Group members provide one another objective, high quality, relevant professional counsel and direct insights. They hold each other accountable to their goals, and are committed to supporting each other’s unique visions for their own future and for selling the company.
Generally speaking, a Peer Advisory Board is a small, carefully selected group of individuals who come together regularly to help each other. The participants may be from one or a variety of companies, small business owners, or professionals in any field.
We have led them for business owners, for ’emerging leaders’ or high performing individuals within one company or in another scenario with multiple companies coming together in the same forum. We have led them with executives from different companies in Europe, Asia and Africa. In every instance, participants embrace and engage enthusiastically the opportunity to learn from their peers in a safe and confidential environment.
The purpose of each group is unique because it sets its own goals, agenda and time frame. It does not have to be focused on selling a business. No matter what the topic, they help members achieve particular goals, solve problems, brainstorm opportunities, exchange best practices and improve business performance. Valuable at all levels, for those at the top of their organizations, it is especially so. When selling a business, they can not only be set up for peer business https://www.businesscatalyzers.com/ owners, but also internally, within the business being sold for the business’s top executives.
There are multiple rewards for involvement in a Peer Advisory Board. For example, instead of accessing the knowledge and thinking of only one individual, as in having only one mentor, a Peer Advisory Board offers the wisdom of many minds and years of experience.
By creating a think tank environment, group brainstorming and sharing best practices and tools can help solve problems and find opportunities that otherwise may have been overlooked. This is practical, affordable business and personal advice that can raise the performance of all participants. In a business sale situation, ideas and solutions can help to raise business valuation.
Accountability is another key benefit. The group holds its members accountable to the plans they share with each other. Frequently the Peer Advisory Board is instrumental in the development of those plans. They recognize accomplishments, and inspire each other’s progress. The group catalyzes achievement by helping develop plans and empower their implementation.