Today’s episode is first half hour of our new and exciting 2-part series, where we take a good look at the future of M&A with business futurist and innovation expert, Craig Rispin of the Future Trends Group.
We start off the series with an introduction into the fascinating world of business futurists – what are they and what do they do. The we dig into the importance of being future-minded, particularly in the business sale and acquisitions industry, and discuss some horrific consequences if we aren’t. We then we close out this episode by identifying ways business owners and advisors to business (like accountants and brokers) ought to respond to these changes, and remain relevant amidst our ever-changing economic landscape.
- What is a business futurist, and what is the relevance to M&A?
- Importance of looking into the future
- Disruptor or disrupted?
- How should we respond to these changes?
What is a business futurist?
Futurists are just reverse historians. Historians study the past, while futurists study the future. You can actually get a uni degree here in Australia for Future Studies.
We’ve graduated over 900 students in Future Studies. About a third of them work in government and NGOs. About a third of them work in academia and research, and about a third of them work in the commercial world. The professional body worldwide is called the World Future Society, with 24,000 professional members.
Importance of looking into the future of the M&A space
We are transitioning from one economic model to another one, and we are right in that process now. Many may have heard about this 4th industrial revolution, and this is a real thing. We are actually transferring our economy into a brand new model. I mean a new way of what we value and how we’re going to run businesses
That’s why there’s a higher demand for futurists like me than ever before in history because when you’re going through these times of uncertainty, the deal terms are changing quite significantly.
Disruptor or disrupted?
There are 2 types of organisations that futurists talk about. You are either the disruptor or the disrupted. If your industry isn’t technologically driven, you could be a target. Just because you don’t see it, doesn’t mean it’s there.
Our business sales and acquisitions services
Aspect Legal has a number of great services that help businesses prepare for a sale or acquisition to help them prepare in advance and to get transaction ready. And we’ve also got a range of services to help guide businesses through the sale and acquisitions process.
We work with clients both big and small and have different types of services depending on size and complexity. We provide a free consultation to discuss your proposed sale or acquisition – so see our show notes on how to book a time to speak with us, or head over to our website at Aspectlegal.com.au
How should we respond to these changes?
If you’re looking to maximise the value of your client’s business, you need to be aware of the shifts that are going on in your industry.
There are startups in every single industry. There is a database of startups. You can search these hundreds of thousands of startups and you can team-up with them. They can bring a little bit of the future to your organisation.
Some industries are becoming irrelevant and are overrun because of these changes. You must engage with startups and engage the future. Make your business future-ready and make it fit for sale.
Team up with young people who can become reverse mentors to you and help upgrade your brain and ready your business for sale.
Be the disruptor, not the disrupted. Your business will be valued so much higher than anybody in your industry if you do.
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