Family businesses often fight through a complex web of circumstances when determining what’s next for their companies when the owners are ready to exit. There’s a legacy at stake: Will they preserve it, or sell it? And, are they prepared to make that life-altering decision? Specifically, will the continue the legacy with family at the helm or form an employee stock ownership plan (ESOP) so valued employees can carry on the business, or sell to the market and entertain prospective buyers?
There are two extremes in this popular cliché. The right side of the cliché implies having attained enough power, experience, authority that you don’t have to prove yourself anymore. The left side suggests that being novice, unsure, and inexperienced means you must fool people into thinking you aren’t all of those things.
Think about the last good idea you asked your boss to consider. Perhaps you asked for funding for innovative business development; or resources to launch an idea you just saw your boss get excited about; or time to research a new precedent to support your position on a case; support to test a best practice discussed at a conference you attended.