I am not a great golfer, but I do like a good contest.
Especially one where the “underdog” home team spanks the Americans over the first half, following which the star-studded US team comes back strong – giving us all some jeopardy to worry about – before the European team comes good and wins with apparent ease. Yes, the 2023 Ryder Cup was a corker.
On paper, the US team was stronger with three of the current major winners, whilst the European team was awash with younger talent – there had been a changing of the guard with the old faithful of Garcia, Woodward and Poulter deciding to make a dash for the Saudi cash, leaving Luke Donald to pick four rookies.
What this year’s contest showed, as it often does, is that teamwork, consistent pressure and excellent leadership can win through against big names and signature signings. We need to look no further than the Paris Saint-Germain football team for this. To achieve success in our businesses, we will often do better by bringing in new talent, nurturing it and then giving it space to flourish, rather than seeking to make a magic hire that will transform it as a quick solution.
Buyers and investors love a star performer, but of course are concerned about what might happen if they leave. To make our businesses most attractive, we need deep relationships with customers and suppliers across many in the team. Businesses that achieve the highest valuations typically have little reliance on any one individual. Can you look at your business and say the same about yours?
If you wish to do a deal in the next few years, now is the time to address this. We have worked with many businesses which bore big scars where this had been done badly, as well as those that have done a great job. Worst of all, we have seen those that have pretended there is no issue (or hoped the buyer may present a solution) and have struggled to exit at all.
So, if you are thinking about succession let us know, we are very happy to share experience and introduce you to fellow entrepreneurs who have travelled the same road.
Whilst writing, this is a final call to hear if you have considered any sustainability policies, for example, and do you think they would make an difference to your valuation? We are keen to hear your thoughts on the matter – so why not complete our sustainability survey and give your real opinions? Click here or on the image below to see more.