Are you facing any of the following challenges?
- – “I am tired and want more time off, but my successor is not quite ready.”
- – “My kids are too young to even talk about succession planning.”
- – “I want out, but there is no one to take over my business.”
Situations such as these are referred to as “succession gaps”. A succession gap is a potential break in the critical continuity of competent management of a business.
You have probably heard the saying, “In every cloud there is a silver lining.” I like to think that, “In every succession gap there is an opportunity to protect your business value and legacy.” We call this opportunity a “Succession Bridge®.” There are many instances where a Succession Bridge merits consideration and implementation. Consider the following when thinking about this concept:
- If you are not experiencing a succession gap now, there is a possibility you could face one in the future. Perhaps you have a qualified successor in place presently. However, in the event that your identified successor leaves your business for some reason (voluntary termination, dies prematurely, becomes disabled, etc.), what will you do to bridge the gap?
- The fact is none of us have a guarantee to live another day.
- One of the things that has likely contributed to your success up until this point is your ability to anticipate.
- With regard to your succession plan, I encourage you to anticipate potential succession gaps that could negatively impact the value of your business and plan accordingly .
For more information on this topic, please email David Ciambella, djciambella@rawlsgroup.com.
