Succession planning covers a broad range of subjects which may be broadly categorized by legal, financial, and people.
Each of these many facets of succession are intimately woven together, interdependent upon each other’s outcome.
Each of these can be broken down into 10 interdependent subsets. Based on your unique business scenario and your perspective and motivation, they can then be broken down even further into more finite categories. Each of these many facets of succession are intimately woven together, interdependent upon each other’s outcome.
As a group, we refer to them as the Succession Matrix:
- Owner Motivation and Perspective
- Personal Financial Planning, which includes estate planning, exit strategy, credit continuity and personal financial security
- Business Structuring and Agreements
- Business Performance
- Strategic Planning
- Leadership & Management Continuity
- Management Synergy & Teamwork
- Successor Preparation
- Family Dynamics
- Family Governance
Click the following link to read David Weaver’s Multi Unit Franchising’s article titled: Determining Value Is More Than Operational Efficiency.
Read the article and then contact us to get some insights on your own scenario. Even if you don’t become a client, a few minutes with us may help you save years of headaches. Contact Us.
The Succession Matrix®
The process of succession planning addresses all issues impacting the continuation of a business through the next generation. Of course, “all issues” includes value drivers which are part of the fundamental components of The Succession Matrix®.
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