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For many entrepreneurs, building a business from scratch might seem more glamourous, trying to be the next Steve Jobs, rather than taking over an existing business.
But takeovers do have their advantages: employees already in place, established procurement chain, etc. Existing businesses are a springboard to success, the conquest of new markets and modernization, with robotics and the positive effects of the digital shift
Entrepreneurs need to call on their creativity and innovation just as much during a takeover as when they create their own business
Quoted in the Ordre de Ingénieurs du Québec’s Plan magazine, Éric Dufour, Vice-President and National Entrepreneurial Succession Leader, reminds readres of the importance of properly planning a business succession in order to mitigate the financial risks related to a business transfer:
“Having an accounting approach is not enough; a comprehensive business valuation should be carried out. This means a diversified team including an industrial psychologist, a human resource specialist and a management specialist.”