family-business-succession-planning

The CEO succession question is a pertinent one for all companies: Does your organization have a plan to ensure that the leadership role remains secure and effective in the long term? Is there bench strength for all key leadership roles, in addition to the CEO? To build business value and ensure the continuity and stability of the business, it is essential to have a plan A and plan B for ownership and CEO succession.

In the article The CEO Succession Question: Does Your Company Have a Plan to Continue Leadership? written by Joseph Markman, Senior Editor of Markets and Data with Hart Energy, Joseph interviews our very own Kendall Rawls along with CEOs in the oil, gas, and energy space.

Although succession planning builds value and creates various options for owners to achieve long-term business goals, Kendall shares it is a topic many owners put off for another day.

“I walk through conferences, and I talk to business owners, and I get, ‘we’re not there yet, we’ll get to it later, But the problem is, without them having any sort of strategy for the future, they’re basically setting themselves up for failure.”

By proactively developing strategies toward the future envisioned, business owners and leaders can ensure they are well-positioned to maximize their growth potential and minimize the risks associated with potential transitions. Through succession planning, organizations can ensure they have the right people in the right roles, at the right time, and with the right resources to help the business succeed.

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.

Read the full article here: The CEO Succession Question: Does Your Company Have a Plan to Continue Leadership.

For more oil and gas succession planning insight:

Visit the “Create Control Over Your Future” discussion page or select one of the additional episodes of the series below:

Resources

  • Succession Readiness Survey:  A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook, impacting business value, growth, and lifestyle and ultimately achieving your vision.
  • Contact a Succession Planner: The Rawls Group 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.family-business-succession-planning

Click the following link for more drill-down resources on The Succession Matrix, or check out our Facebook post.

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We can provide insights and other resources and assess whether it makes sense to work together. In just 30 minutes, you may gain actionable ideas that you can immediately apply to your business. Contact us via phone or email below, or fill out the “Ask An Expert” form.