Successful Succession

Plan for Change

Eventually every business owner exits the business. It’s a matter of when and how.

To facilitate a healthy business transition that is a win-win for all stakeholders.

Succession is the process of preserving assets, spirit, values, and mission through the next generation without excessive financial, emotional, or management challenges.
If details are not addressed adequately, stakeholders will end up in unhealthy negotiations – a lose-lose proposition.

Consider Ownership and Management separately
Consider how you define and measure success
Acknowledge that talent and skills required to develop and operate a business are not necessarily the same as those required to successfully manage the fruits of the business.
Consider the fiscal fitness of the next generation
Honestly assess skills, capabilities, strengths, weaknesses, styles, and viewpoints of all candidates
Identify people with complementary qualities and experience to bridge the gaps
Build in accountability
Seek balance between guidance/control and room for innovation and healthy risk-taking
There is no substitute for intentional, meaningful communication
Once the baton is passed, next generation management must run its own race