Succession Matrix-10 Point Perspective Archives

What You Should Know About Successor Identification and Development

2013-12-03T22:11:36-06:00By Kendall Rawls|Succession Matrix-10 Point Perspective|

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. Some successors are obvious based upon their demonstrated performance and potential. However, most successor candidates have to be identified [...]

Management Synergy and Teamwork – It Takes a Village

2013-12-03T22:07:30-06:00By Kendall Rawls|Succession Matrix-10 Point Perspective|

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 [...]

Leadership and Management Continuity – Succession is Not a Solo Endeavor

2013-12-03T21:55:15-06:00By Kendall Rawls|Succession Matrix-10 Point Perspective|

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. Your management team's ability to optimize your business’ resources to achieve performance goals is crucial to the current and future success of the business. Therefore, the [...]

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

2013-12-03T21:49:31-06:00By Kendall Rawls|Succession Matrix-10 Point Perspective|

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 [...]

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

2019-09-05T10:13:25-05:00By Kendall Rawls|Succession Matrix-10 Point Perspective|

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. Due to the challenges associated with management and ownership transition, there is generally a predictable drop in profits. For that reason, a constant review of business performance metrics is [...]

Business Structuring and How it Can Impact Long-Term Goals

2013-12-03T21:41:14-06:00By Kendall Rawls|Succession Matrix-10 Point Perspective|

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 [...]

Personal Financial Planning and Succession – How Are They Related?

2013-12-03T21:37:24-06:00By Kendall Rawls|Succession Matrix-10 Point Perspective|

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 [...]

What is Owner Motivation and Perspective and How Does it Impact My Business Goals?

2013-12-03T21:07:56-06:00By Kendall Rawls|Succession Matrix-10 Point Perspective|

As a business owner, your company ultimately takes on your values and priorities, be that good or bad. Just as your outlook on life sets the tone for how happy and successful you can be, your motivation and perspective with respect to the business establishes the operating direction and performance expectations. Your view frames the [...]

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