Management changes often represent critical milestones for small companies. Whether caused by retirement, growth, industry changes, or other reasons such as the desire to take advantage of new opportunities, having a process to properly evaluate needed skills and pick strong candidates is paramount. In some instances, interim management is needed; Lightfoot Group has served in this capacity on numerous occasions.
No change has more significance than when it involves the company’s CEO, especially if the company lacks a CEO succession plan. This is especially the case in family businesses where emotion and loyalty may promote an inexperienced family member to role of the new CEO.
Properly preparing a private business for sale can have a meaningful impact on its selling price and terms. With extensive experience in the purchase and sale of private companies, Jim assists sellers in optimizing a company’s core competencies and explaining and supporting it to potential buyers. Jim is also experienced in the sale of portions of a company and its assets, including intangible assets and intellectual property.
In these instances, Lightfoot Group works with business owners and their corporate counsel to evaluate each situation and develop an action plan to achieve the desired objectives.