The end of the year brings some predictable events for retailers. On the one hand, Black Friday signals the beginning of the Holiday shopping season and the beginning of profitability. Conversely, it’s time for budgeting and strategic planning for the next year.

Over the past 20 years, Strategic Planning has been our number one program. Year over year we have offered a strategic planning project for organizations as small as your local bike shop and as large as any number of Fortune 500 companies.

Something is different this year. The extraordinary change we’ve experienced in the world of commerce (COVID-19, consumer confidence, economic depression, political turmoil, you pick) has caused many business owners to choose to transition out of entrepreneurship and into a new future that doesn’t include owning a business.

Look at these examples:

•  A 20-year retailer who closed down with a “going out of business” sale and went to work as an hourly employee just to escape the pressure of business ownership.
•  Numerous retail owners simply sold to their largest vendor creditor to walk away clean and out of debt. All are now looking for their new career.
•  The business owner who had built a transition plan which included a leadership team of 4, all of whom had demonstrated previous leadership skills and commitment. Once the transition started, one by one they each lost commitment and left the organization causing the owner to return to the day-to-day operation of the company.
•  The 30-year-old retailer transitioning ownership to a family member. When the moment of truth occurred that family member revealed he had “no interest” in owning the company, leaving the original owner with few options for the future.

These do not include the more than a dozen companies who have approached The Mann Group to consult on their unique transitions (or sales) into new ownership.

While you may be super busy today, what is your plan for the future? What arrangements have you considered for the next iteration of the business you’ve worked so hard to build? Here are just a few of the options we’ve seen successfully implemented:

•  Selling on the open market. This includes a business valuation, identifying a qualified buyer, and a successful transition strategy.
•  Transitioning the organization to another family member who is interested and prepared for the future. This also includes some payout for the original owner.
•  A “Going out of Business” sale to liquidate inventory and implement a plan for a real estate option.
•  Creating an Employee Stock Option Program (ESOP), whereby you create an option for your long-term employees to enjoy the benefits of collectively owning the company they’ve committed to and come to love.

Each of these options has its challenges and strategies. Over the coming weeks, we’ll be exploring some of these options, ideas, and examples.

Meanwhile—if you’re an owner—the first step is to ask yourself, “What do you want for yourself and the future of your business?”