Business Succession Planning
Passing the torch requires planning.
Privately-held businesses face the complex issue of succession planning, both for company management and ownership. Likewise, not-for-profit organizations must address leadership succession to gain the full advantage of their strategic planning efforts. In both cases, leaders must tackle the challenging issues associated with succession planning and management. Decisions made and actions taken - or not taken - have long-term consequences for owners, employees, customers, suppliers, and the community.
We work with owners and successors to establish realistic succession and transition goals. Our assistance in navigating the transition process maximizes achievement of goals and minimizes the financial, operational, and emotional risks. Our comprehensive succession management services can help you:
- Learn the principles of succession planning as they apply to your unique situation.
- Establish a clear succession vision for ownership, management, and the organization.
- Assess transition variables and options through a disciplined and informed process.
- Develop a comprehensive strategy and objective criteria for success.
- Find the win-win forms for purchase and valuation.
- Help create a comprehensive succession plan that separates ownership succession from management succession, a key variable for ensuring positive outcomes.
- Manage the efforts of the many specialists required to achieve a successful transition.
- Take organizations to the "next level" in structure and management.
Early planning for succession strengthens organizations operating in both the for-profit and not-for-profit sectors. Planning ahead of an immediate crisis offers the greatest flexibility and expands options. Smart planning and disciplined implementation make the difference between survival — or not. Jim Collins, author of Good to Great, reminds us that great leaders prepare for the time when they no longer will be at the helm.
