Succession planning for most closely-held business owners consists of (i) development, (ii) execution, and (iii) subsequent review and adjustment of a plan to transfer their business or position to the next generation of either managers or owners. The next generation may consist of family members, hired professionals, employees, or an unrelated third party in the sale of your business.
The Succession Solution is a unique process we can help you achieve an effective succession plan. By providing a clear process to follow, we help you identify your purpose, discover where you are now, and confront challenges as you work through your unique succession plan. We monitor, direct, and amend your plan when necessary, as you assess and reassess what is best for your company and your future.
We take you through six separate but interrelated stages. Each stage is designed to build the foundation for the next stage until the process is complete.
Overview of The Succession Solution
1. Find your purpose: When you determine what is important to you can you decide how best to proceed.
2. Discover: Determine what is in place before you begin to implement your plan. You need to know where are before you know where you want to go.
3. Challenges and opportunities: Investigate the strength, opportunities and threats, of your company to achieve its succession. Often your greatest opportunities come from your greatest threats.
4. Long range: Develop a 3 to 5 year plan with key performance indicators.
5. Short range: Develop a 1 year plan with key performance indicators. Long term goals are achieved through short term tactics.
6. Quarterly tasks: Develop quarterly tasks to move your closer to your short and long term goals. Evaluate and reassess progress after ninety days.