North America

The process of transitioning a business

February 18, 2016

The process of transitioning a business as one approaches retirement is fraught with unfamiliar challenges. This is particularly true if, as my case, the ‘business’ has operated for many years as a consultancy, with no employees, but a software product whose dedicated users cannot simply be abandoned. I was fortunate to make contact with an excellent candidate for assuring continuity of the business, but the financial arrangements were still far from clear. 
After many false starts and late-night internet searches, I stumbled on a small company –ROCG-that was unique in its concern for the inter-personal issues involved in business transitions as well as the financial realities. We were fortunate to be able to engage the CEO, Ronen Shefer, to help us figure out our future. 

Ronen has now been working with us as a close advisor for five years. He has made it his concern to understand the specifics of our business, while retaining the objectivity needed to recommend changes that would assure its long-term viability. We have valued his financial expertise, his business acumen, and his understanding of the organizational/relationship issues involved in the decisions we had to make. On the financial side, he has helped structure a win-win deal for transfer of ownership to my business partner, thereby avoiding the need for sale to a third party; with some course corrections this arrangement, which others thought impossible, is working well. On the business side, he has helped us identify and confront the challenges resulting from a step change in our niche market, challenges which were accentuated by the fact that they coincided with the management and ownership transition. And, in all of this, Ronen has been sensitive to the personal issues involved, remaining a steady presence through the inevitable ups and downs. 

Over the years, Ronen has established himself as a valued and trusted advisor. And more than an advisor! During the critical transition period surrounding my retirement from day-to-day activity he has assumed an important role as Board member and Controller, allowing time for my partner to develop confidence in her new role and providing me the assurance that the Company was in good hands. 

I am deeply grateful for Ronen’s patience and perseverance through good times and bad. I could not have wished for a better result for all those midnight searches.