Spring companies are built to sell. At least thats why most entrepreneurs build any business, is in hopes of selling it down the road or even airing it to a family member. Some spring businesses are purchased by holding companies that invest in a business and let it run as usual. There are many ways spring companies continue on after the original owner or owners move on in life.
The problem that occurs with many spring owners or any small business owner is the amount of knowledge they carry with them. This can cause problems with new ownership if this knowledge is not transferred down throughout the organization.
Spring manufacturing in particular can be a problem because making springs is about sixty percent art.
There are many small nuances obtained over the years of spring making that the owner has, not just in manufacturing springs, it also applies to running the business itself, customer relations, employees and all areas of the company.
This is why a spring business owner should always leave a good trail. Documentation of systems and processes is essential in manufacturing, operations and sales so that new owners do not have to “figure out” what was done or needs to be done to continue the businesss success.
Of course, the new ownership will have ideas more than likely, to improve the company, however for the new ideas to be implemented successfully, the proven ways of the running the business must be understood too.
Documentation of procedures should be clear to understand and easy to locate. There should be centralized electronic files, on a server for example, that has instructions how every part of the business is operated, not just for new owners, also for the new employees to minimize training time.
Don’t forget the fun stuff too. Pictures, photo albums, a company social media page, and copies of company event invitations all can be useful to a companys story and history for many generations.