10 Considerations Every Succession Plan Must Consider
Whether gifted, bought, or developed from the ground up, business owners put their passion to work to establish a lifestyle and opportunities for their families. Far from the entrepreneur’s mind is succession planning because many believe it to be the end; when, in actuality, it provides options to create your vision.
Succession planning is a transitional, strategic process focusing on the successful long-term continuity of an operating business through the next generation of owners, leaders, and managers. This process is not just about basic estate planning or profits but is highly dependent upon addressing multiple, interdependent, long-term performance factors known as the Succession Matrix®.
As Jean Venant shares, there are ten key areas every succession plan must consider:
By understanding what it requires to position your business for success, whether selling or growing, you can determine the best strategies to fulfill your vision. As you review the ten key areas, you may notice that the factors included are not only critical to the succession planning process but are also essential in building business value. So, with that in mind, succession planning builds value and positions you with many options to fulfill your long-term or short-term goals.
Contact Us, and we can help you with insights and other resources and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business immediately.
The Succession Planning Matrix
Many people put off succession planning because they think it means retirement, exit, and the end. However; succession planning is just the beginning. It gives the owner options in terms of what “their next” looks like, whether that be growth, philanthropy, or a new business venture. Our process focuses are addressing 10 key areas of what we call the Succession Matrix.