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Find business succession opportunity

Read an article a year or two back about a guy that advertised for someone to take over the day to day operations of his company. He was nearing retirement, wnated to send less time in the business, but not looking for an outright sale, and had no heirs etc for succession.Hired someone on a salary basis to learn the usiness and gradually take over day to day operations with an eye towards possible change of ownership down the road.
Does anyone ever hear of opportunities like this? Where to look who to contact , how to find possibilities> Appreciate any insights.
Thanks.

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Answers (3)
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The BAF Group LLC
MD

But you see that the concept I suggested - about a long time employee being the person the Owner would work with this, on this kind of scenario - is precisely what you described with the "apprentice" approach. That is what I am saying is the normal way these occur. But trying to contrive such a situation is difficult-to-impossible, in the vast majority of circumstances.

If you have such a setup, why ask? I would bust my butt to solidify that situation, if I were in your position! It may never come around again.

The problem is that unless you get that kind of situation legally established, you can probably forget it. I worked in several companies where the person that was disginated to inherit the business lost out, when someone with money suddenly arrived on the scene and the Owner decided the bundle of cash was worth far more to him than the 40 years of devotion from the agreement he had with his (now) ex-employee.

Dec 6, 2010
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Thanks for taking the time to reply Don. I sort of guessed it was the not the type of thing that's an hourly event or anything, nor do I disagree with you that it's not a reasonable expectation to have something fall out of the "clear air". Perhaps I could have worded my query better. I've acually been able to locate a wholesale food company, and a business services company in my area who have the type of scenario I meant to describe. I'll see what the catch is perhaps.
I'm looking to get out of 15 years of self-employment trading the equity markets as it's being overtaken by computer programmers, and a great candidate for very painful regulation continuing forward. I think productive employment will be important in the near future. I don't want to call myself a trader or broker or servicer or consultant if the economy worsens as much as I think it may.
So I set forth on a new career I think. I don't see myself as a franchise type of guy, but I'm beginning to look into some just in case.
And despite having been a professional speculator for a decade and a half, I just cant see myself purchasing an entity about whose business and clientele I know little to nothing, simply because it fit a predefined formulaor has 'kicked off' 'cash flow' in previous years for a previous owner. The idea I meant to convey was more along the lines of a situation that was all the rage for centuries, and will be making a comeback in the future if I had to guess. They called them apprenticeships. I think aspiring businesspeople may like to borrow the concept from the so-called 'trades' if they would like to increase their potential for succes.
I have a fair amount of capital and some other skills I like to think I'd be bringing to the table as opposed to just a handful of lottery tickets.
Thanks again though Don, a cynical and presumptuous set of eyes can sometimes be great help in checking ones motives and assumptions in business matters.

Dec 6, 2010
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The BAF Group LLC
MD

Great concept! But you would have a better chance just buying a lottery ticket and hoping for the best. These do not come along, except in rare, rare circumstances. And most of the time, they are not doled out to people the Owner does not know - he works with a long term employee or a relative.

There are tens of thousands of people (or more,) looking for the same kind of deal. Whenever I hear about something like this, I wonder about the maturity level of the person that thinks in those terms, hoping to find it out of clear air. Think about it! It ain't a reasonable expectation! Can it happen? Sure!!! Like I said before: About as likely as winning a huge Lotto jackpot.

Dec 6, 2010