How can I find my successor?
April 14, 2008 1:49 PM Subscribe
Since 1995 I have been a self employed business consultant providing environmental, quality, and safety management system guidance (including training) to organizations large and small. Now I want to find and groom someone to gradually take over the business eventually -- but I don't know how to go about it. (more)
While my field is very crowded, I specialize in a relatively small but extremely lucrative niche market that requires a very high degree of specialized knowledge and industry-insider status. There's no question that, within this particular industry, I am the leader at what I do. Besides considerable industry specific knowledge and expertise, I also have proprietary training and other support materials that have taken years to develop.
I figure I've got another 5-10 years to go before I'll be ready to hang it up. But I expect the demand for the services to continue (they've only strengthened over the years). So I'd like to 'groom' a successor and then over a period of years sell the enterprise to him/her in return for helping him/her get as well established as I am now.
Most of the obvious candidates are as old or older than I am (I'm 55) and so are not really suitable. I've put out the word on a low key basis via my network and so far have had no leads. I can't believe I'm the first sole practitioner to encounter this situation. What do others do? Advertise? Sell out to a bigger firm?
I'm hoping for some pointers / options from the wiser heads of the hive mind, which has always come through for me before. . . .thanks.
While my field is very crowded, I specialize in a relatively small but extremely lucrative niche market that requires a very high degree of specialized knowledge and industry-insider status. There's no question that, within this particular industry, I am the leader at what I do. Besides considerable industry specific knowledge and expertise, I also have proprietary training and other support materials that have taken years to develop.
I figure I've got another 5-10 years to go before I'll be ready to hang it up. But I expect the demand for the services to continue (they've only strengthened over the years). So I'd like to 'groom' a successor and then over a period of years sell the enterprise to him/her in return for helping him/her get as well established as I am now.
Most of the obvious candidates are as old or older than I am (I'm 55) and so are not really suitable. I've put out the word on a low key basis via my network and so far have had no leads. I can't believe I'm the first sole practitioner to encounter this situation. What do others do? Advertise? Sell out to a bigger firm?
I'm hoping for some pointers / options from the wiser heads of the hive mind, which has always come through for me before. . . .thanks.
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...once you're established with the organization (on some level; even just being a semi-regular attendee), ask the organizers about job advertising.
posted by aramaic at 2:26 PM on April 14, 2008