Duluth-based nonprofit consulting firm Northspan Group, Inc., has developed a Preferred Value Acceleration Method (VAM) to help businesses grow and prepare for transition.
“Whether your business is on the verge of a transition or you’re just looking for a long-term plan to build its value, Northspan’s preferred value acceleration method lays the groundwork to build wealth. It uses proven facilitation methods to guide clients toward clear goals and feasible, achievable action steps,” details the business development page on the Northspan website. “While our specific scope may vary from client to client, this method drives our work.”
VAM is the culmination of more than a decade of Northspan providing accredited business appraising and succession services. Over the years, this process has grown into VAM.
“When working with clients, we often learn an owner has little or no planning in place for the business in the case of a transition—expected or unexpected,” said Northspan Consultant & Finance Manager Zack Filipovich. “We’ve seen successful businesses unable to continue operating. Sometimes it leaves employees out of work. Almost overnight, families can lose a business they built from the ground up. We strongly encourage businesses to have a plan they know they can rely on in order to avoid this type of scenario.”
According to the 2019 Nebraska State of Owner Readiness Survey, 70% of business owners plan to transition their companies within 1 to 10 years. The other 30% do not have a transition plan.
On the Northspan website, business owners can find:
- Full details on the Preferred Value Acceleration Method
- Several quizzes and assessments to help evaluate business needs
- Related resources, such as the 2021 Business Owner Planning Survey
Learn more here:
You can view other news updates on the Northspan blog.
For more information, please contact Northspan Consultant Zack Filipovich at zfilipovich@northspan.org.
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Northspan’s mission is to be expert navigators, transforming ideas into accomplishments. The organization specializes in creative thinking, enterprising strategies, and systematic approaches to help businesses, communities, regions, and organizations prosper in a global economy, working cooperatively with economic and community development partners to leverage resources for measurable, sustainable results. Learn more at northspan.org.