Have your business run under management
You may be looking to keep the business and retain ownership but step back from the day-to-day involvement of running it. There are several advantages to having the business run under management by an employed general manager or management team. The benefits of having a salaried manager run your business for you include:
- You retain ownership of the asset you have built;
- As the owner, you control the strategic direction of the business;
- The asset delivers you a passive income stream, giving you financial freedom to pursue other investment and lifestyle goals;
- With the right management, the business will continue to appreciate in value, thereby continuing to increase your wealth;
- There may be tax advantages for your personal finances as the owner of an actively operating business;
- Freedom to choose how you use your time and your wealth.
The rewards are compelling and definitely achievable. With any reward, there is an element of risk. Handing over the reins of your asset has inherent risks. The objective is to minimise the risks and achieve the benefits of a business run under management.
How Tenfold Business Coaching can help prepare to run your business under management
- We review your business and will work with you to ensure you have the right organisational structure in place: the right people in the right roles, clear reporting lines, performance targets and measurement;
- We will implement robust business reporting so that you and your general manager have a good handle on the key drivers of your business. We’ll set you up with the right metrics to be reported on and the frequency, exception reporting, checks and balances;
- We’ll work with you to identify and embed appropriate decision-making protocols and mechanisms. This ensures that your business is protected and provides the business owner with visibility;
- We support the general manager with coaching and mentoring to develop long term strategic direction and plans to achieve your business goals.
A buy out by the existing management team is also a viable option to consider. Under this model, the value of the sale is often realised over a longer term. Tenfold can work with you and the manager to negotiate a buyout model and financial structure that achieves the desired outcome for both sides.
The right advice and planning makes all the difference. Speak with Tenfold today to explore how we can support your business to be run under management.
Call us: 03 9813 8777 . Alternatively, book a call back via the request form below.