Succession Planning & Implementation

What is Succession?

Let’s be clear from the outset - business succession is a process, not an event! Business succession is the process of transitioning ownership, leadership, and management of a company from one person, entity or group to another. It is a critical strategy for ensuring the long-term sustainability and success of a business, particularly when the current owner or key leaders retire, step down, or are unable to continue managing the company.

Effective business succession planning involves identifying and preparing successors, whether they are family members, employees, or external buyers. It also includes outlining how assets, responsibilities, and decision-making will be transferred smoothly in a way that reduces disruptions, maintains customer relationships and employee confidence, and preserves the company’s legacy.

What does it entail?

There are various supporting strands to business succession whether you are selling the business, transferring it to family members, retaining ownership but transitioning to professional management, or passing it to trusted employees through mechanisms like management buyouts. No matter the transition process, trusted advisors play a crucial role in guiding key aspects of the transition.  This is from the obvious legal and financial considerations, such as tax implications, valuation, and/or shareholding etc to strategic advisors for strategy, leadership, management and structural guidance, and governance structures for oversight of implementation.  The key here is supporting the key decisions that must be made.

Are you ready?

Take our free Business Succession Readiness Assessment to discover how ready your business is for succession.

Why do you need it?

Many businesses leave succession planning far too late or don’t do it at all, resulting in risking businesses operational instability, leadership voids, financial loss or at worst closure. Proactive planning is essential to secure the future of the business, protect stakeholders’ interests, and maintain business continuity. Whether for small family businesses or a larger corporation, business succession is a vital part of your strategic planning.

“A leader’s lasting value is measured by succession”
John C. Maxwell