Welcome back to our series of Eddie Senatore Talking Business on the lifecycle of a business. Eddie’s guided us through the trials and tribulations of the Startup, Survival, Growth, and Expansion phases. Now he’s securing our business’s long-term future with the final phase: Maturity.

After years in business, your company has firmly established itself as a long-term player in the marketplace. Now you need to deal with challenges that could impact its value in the long-run, such as:

Lifestyle decisions

Do you want to still be involved with the same business after 20-to-25 years? Do you want to leave it as an inheritance for your children? What about entering a new field and starting another company? How about something else entirely?

At maturity, you need to think about what you want for your future.

Marketplace transformations and stagnation

The market is much more different than when you started the company. Perhaps competitors are threatening your dominance with cost-effectiveness or value propositions. Are you becoming innovative to stay relevant?

Even a titan of industry like McDonald’s had to change its menu and services to avoid fading away. The same goes for your business. Keep relevant by staying on top of new materials and techniques to differentiate your company.

Succession planning

You spent so long building the business, so how do you keep it valuable for decades to come? How will the business grow after you’ve left. Look into structuring a succession plan, as it takes awhile to get it right.

Key takeaways:

• Lifestyle decisions
• Marketplace transformations and stagnation, and
• Succession planning

We hope this episode helps your company enjoy a long future!

Full show notes at: http://www.eddiesenatore.com/