When you’ve done the work ahead of time with your exit planning process, you’ll be ready should the decision be made to sell the business. However, you likely aren’t sure what to expect when that time comes. Below is a recap of my experience as CEO of Roth Bros, Inc., when we decided to sell the business. Although it is business, it’s also emotional, and it can be a long, drawn-out process finding the right buyer and making the sale happen. In that way, it’s much like getting married.
When I was CEO of Roth Bros., Inc., and we made the decision to sell the company, we opted for a strategic rather than a financial buyer. After the sale, I was still involved with the company for another three years. That time was a challenge I did not fully expect. To prepare you for the after-the-sale experience as CEO, I offer my story.
The construction and facilities industries are prone to accidents, some of which can be severe and headline-grabbing. The reality today is that we as CEOs face threats from even more areas than in days of old, because of technology. These days an “accident” can include our systems being hacked or one of our technicians unknowingly granting hackers a gateway into breaching a major customer's system. Between physical accidents and digital ones, many things can go wrong, resulting in a need for crisis management to be deployed to address a situation.