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Succession Planning: A Tool to Build Business Value by Kendall Rawls

Succession Planning: A Tool to Build Business Value by Kendall Rawls

Often times the term succession planning creates a negative feeling for business owners. The reality is, the stigma tied around the word succession is too closely aligned with “death” and “retirement”. In addition, the natural anxiety and emotions that come with the thought of exiting the business can, and do often prevent owners from planning for the future. Entrepreneurs simply do not want to plan for a time that means they are no longer building a business. The reality, however; is that succession planning has a direct impact on the value of the business.

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The Rawls Group to Present at Digital Dealer 19 Conference and Expo

The Rawls Group to Present at Digital Dealer 19 Conference and Expo

The Rawls Group announces that they will be presenting at the Digital Dealer 19 Conference and Expo being held in Las Vegas October 5-7th, 2015.

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Spell It Out So There Is No Doubt, By Denise Ware

Spell It Out So There Is No Doubt, By Denise Ware

As a successful business owner with young children, homes in several states and a net worth in the millions, you need to periodically review your estate planning documents. Most likely you have taken your attorney’s advice and adopted a Pour-over Will and Revocable Trust. You have made important decisions regarding the disposition of assets upon your death.

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Successor Development Checklist

Successor Development Checklist

One of the biggest burdens weighing upon family business leaders is whether or not their successors will be ready and capable leaders for the next generation. No matter how intelligent, educated, progressive or firm, it is likely there will be some doubt and even more likely some challenges as you work towards preparing the next generation to lead. After many years of working with families, management teams and their business successors, we have put together a Successor Development Checklist to help clarify which factors are most important in knowing whether or not you have positioned your successor and team for the next generation.

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Succession Planning or Building Business Value Planning?

Succession Planning or Building Business Value Planning?

There are many reasons why succession planning may be an unpopular topic. Some of which may be:

  • It appears to overwhelming and too emotional to address

  • A fear of giving up control, not wanting to retire, or addressing the inevitable of all humans – our mortality

  • The monetary/ time investment appears to much for the business

  • To excited and focused on growth to think about “the end”

I am not going to minimize any of the reasons above for avoiding succession planning, as they are very valid arguments however; I would like to challenge your thinking on the concept to see if I can move it up on your popularity scale. To do this, I am first going to provide a definition of succession that is much more comprehensive than misconceptions may lead you to believe.

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Succession Planners, Exit Planners, Family Business Advisors: What’s the difference?

Succession Planners, Exit Planners, Family Business Advisors:  What’s the difference?

Succession planner, exit planner and family business advisor are terms often used interchangeably providing the assumption that they all share the same meaning. While the exit planner and family business advisor endeavor to address some components of succession planning, there is a clear distinction between their limited scope and the comprehensive mission of a succession planner.  

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Take a Succession Snapshot - Do you Know Where You Stand?

Take a Succession Snapshot - Do you Know Where You Stand?

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Sample - Operating Covenants

Sample - Operating Covenants

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Sample - Successor Development Program

Sample - Successor Development Program

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The Succession Matrix - What You Need To Know about the Issues Impacting Your Succession Goals

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Sample - Family Member Performance Expectations

Sample - Family Member Performance Expectations

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Sample - Family Member Employment Policy

Sample - Family Member Employment Policy

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Family Dyamics and Governance - A Positive or Negative Influence

Family Dyamics and Governance - A Positive or Negative Influence

 “Families” comes in all forms, shapes and sizes including in-laws, cousins, children, step children and even business partners who are also best friends. The relationships you have with those in your formal and informal family have a positive or negative impact on the achievement of your business goals and succession vision. Bickering among active and even inactive family members can frustrate, distract and weaken the focus and commitment of the management team that includes you!

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What You Should Know About Successor Identification and Development

What You Should Know About Successor Identification and Development

Building a business that will continue and succeed through multiple generations requires a focus on successor identification and development. There are six key attributes for evaluating your potential successors: availability, competence, character, commitment, capacity, and community.

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Management Synergy and Teamwork - It Takes a Village

Management Synergy and Teamwork - It Takes a Village

Teamwork is imperative to business succession simply because you cannot do it all.

The call for teamwork extends to your business partners, supporting family members, aspiring successors, key managers, employees, vendors, suppliers, advisors, and of course you as the owner. However, teamwork is not a natural behavior in business, as those involved tend to be competitive, ambitious, aggressive, and want personal recognition. But team dynamics can be taught, supported and ultimately embedded within your company’s culture if all involved are truly dedicated to high quality, high performance and high customer satisfaction.

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Leadership and Management Continuity - Succession is Not a Solo Endeavor

Leadership and Management Continuity - Succession is Not a Solo Endeavor

Achieving business success and succession are not solo endeavors. A great deal of your business’ value is locked in the resourcefulness, commitment, enthusiasm and teamwork of your management team.

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Strategic Planning - Why It is Critical to the Succession Planning Process

Strategic Planning - Why It is Critical to the Succession Planning Process

Succession planning that builds business value requires clearly defined goals and a vision that provides a distinct direction for the future. The presumption of succession and strategic planning is that if you don't know where you want to go, and how you are going to get there, the probability of ending up in the right place is slim to none.

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Business Performance - You Must Have Success Before You can Have Succession

Business Performance - You Must Have Success Before You can Have Succession

Business success and succession are dependent upon financial success. Therefore, before succession can occur, your business must first achieve and maintain a high level of performance.

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Business Structuring and How it Can Impact Long-Term Goals

Business Structuring and How it Can Impact Long-Term Goals

Business structuring deals with the mechanical aspect of how your business operates. The structure of your business has a direct impact upon items such as business taxation, control of business ownership, gift and estate tax on business transfers, and shareholder access to cash flow. As a business owner, it is critical that you or an experienced advisor understands the details relating to corporate structures and agreements between directors, owners, and key managers as they have a significant influence upon your business’ success and longevity.

 

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Personal Financial Planning and Succession - How Are They Related?

Personal Financial Planning and Succession - How Are They Related?

 Personal financial planning is fundamental to the succession planning process. This initiative involves using the fruits of your labor to build personal financial security independent of the business. Having a personal financial wealth development and management strategy will provide you with the freedom to consider all viable business exit strategies without being forced into one solely based on your personal financial needs.

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