Nearly 70% of businesses do no survive transition from the founder to the second generation. Don't let your business end up as part of this statistic.
Exit or sale strategy notwithstanding, the most disturbing image of your business in the future is when you are no longer at the helm. Who will be running it? Will they carry on with excellence and according to your vision for the business? Or will they take it in a direction that will put the longevity of the business, and the employees that count on working there as their livelihood - at undue risk?
Any succession plan will need to cover the following key points:
- Providing for your family and for your business, in the event of a loss or unexpected tragedy.
- Understanding the family dynamics around the business - avoiding potential discord or friction within the family, during and after a transition.
- Creating cash flow for you, after retirement.
- Positioning the business for a successful transition. Leaving no aspect of the plan unstated, or any assumptions un-validated. Set expectations clearly and communicate well, across the stakeholders.
- Assuring that the strategic planning you have in place will be respected and executed upon.
- Keeping your name (i.e. your brand image) safe and untarnished during and after a transition.
Don't leave a succession plan to chance, or wait too long to put one in place. A good succession plan needs to be revisited often, to make sure it is still valid and relevant as the business evolves. I can work with you to make this happen, and to do it in a way that is integrated with all the other operational aspects of your business.
Contact me today, to discuss your concerns around succession planning. I am here to help!
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