Succession Planning

The sad reality for most owner-operated businesses is that when the owner is ready to exit, the business isn’t because the owner is still performing at least one, if not more, roles in the business.

A strong succession plan, executed in good time avoids this situation adding value and making for a smoother transition to new owners/managers.

So early on in your exit plan, you will want to consider succession planning. In fact, in many ways, it is preferable to virtually exit your business before you actually exit by delegating all your roles in the business. This way you can coach the people you delegate to as they step up to the role, ensuring they are performing well before you actually leave. Doing this before selling your business increases its value enormously and ensures you don’t get stuck working for someone else for a transitional period.

As well as identifying and developing internal talent your plan may include hiring new team members, so your plan will be impacted by:

  • your preferred exit method – flotation, sale, buyout, family transfer, etc.
  • your business strategy
  • current and future skill gaps
  • your existing talent pool
  • the attitudes, behavioural preferences and performance standards required for different roles.

Our assessments (behavioural profiling, emotional intelligence, motivators) can help you identify the right people for the right roles integrated with your strategy fonte dell’articolo.

All aspects of your plan can then implemented over time in an orderly manner so as not to disrupt your ongoing operations and profitability.

Get in touch with one of our exit planning specialists to discuss developing a succession plan for your business.

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