You’ve worked hard to build your business – you want to ensure it’s in good hands during a voluntary or involuntary exit from your entrepreneurial career. A succession plan is a strategy to pass on your business to fulfill your personal and professional wishes while optimizing it for sustainable success.
A change in leadership and ownership will influence daily operations, company culture, and more: to ensure the process is as smooth as possible, you may consider hiring a business coach to assist you in effectively preparing your successor, your business, and your clients for the change.
What Is Succession Planning?
Succession planning provides instruction for a transfer of ownership upon retirement, death, business incapacitation, or career change. Succession planning ensures your business continues to operate under capable leadership on your terms.How We Start the Process
A succession plan is ongoing and will include the following elements:- I will conduct a personal and business assessment to determine your values, goals, and vision for your and your company’s future: this will help us narrow down the right succession strategy to fulfill your wishes and stipulations.
- We identify your chosen successor: We will create a list of potential successors in order of preference – this is important if your chosen successor cannot fulfill the role.
- We will build a strategic plan to optimize your business for the transition: a strategic plan is essential in purposeful action to improve operations management, improve marketing, create performance plans for leadership development, and more to support high productivity and maintain functionality during the succession process.
- Financial information: to determine how to fund the succession process, we will identify and allocate assets, cash flow, and more. Additionally, we will take proactive measures to ensure investors don’t sell company stock upon succession.
- We identify the best succession strategy for your business that aligns with your personal preferences and professional goals.
- Financial preparedness: I conduct a financial assessment for my clients to determine the revenue needed to fund the succession.
- Operations and process management: we strategize optimizing daily operations and process management for expense reduction and ease of ownership transition.
- Employee/successor development: your co-owner, family successor, or employees undergo training to assume leadership by managing responsibilities with minimal supervision to ease the transition process.
