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Always pay it forward…how to properly transition a business
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This week on the Balanced Warrior Podcast, Coaches Chris and Mike are back to discuss the importance of properly preserving one’s legacy. Mike had the fortunate opportunity to purchase five martial arts businesses from his long-time Taekwondo Master, mentor, and business partner Grandmaster Chong. The question was how to continue Grandmaster Chong’s legacy while the businesses transitioned to new ownership. There were many steps along the way, but most notable, were the two large retirement parties to celebrate Grandmaster Chong’s legacy, which also acted as a celebration for the continuation of the organization under new leadership. Mike and the team did it right! They honored the man who started the business and showed all of the clients that they were in good hands. Some notable takeaways to look for are…
- Small businesses should always properly plan for succession
- Respect and appreciation are key to passing on one’s legacy
- It is important to pay it forward
- Position a business transition as a celebration
- Always remember where you came from and who helped you get where you are
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