Succession Planning as Good Business Strategy
Business exit planning is like a three-legged stool. It requires balance! Every business is different and every family is different. However, when it comes to a business transition, there are three forms of readiness that all owners need to consider—personal, financial and business. Preparing for a transition is just good business strategy. It makes sense to do the work even if you don’t plan to exit for quite a while. It is never too early to start planning for the transition of your business. Whether you plan to transition to a family member, your management team, or an outside purchaser, you want to maximize the value of your business.
- Learn when the right time is to start transition planning, how the transition planning process starts, and how to identify goals and develop a plan to get you there.
- Determine your business readiness for transition. Many owners concentrate solely on the financial readiness of their business when they are considering a business transition. Learn how items such as human capital and social capital can be equally, if not more, important.
- Determine your personal readiness for transition. The biggest reason business transitions fail is that the owners are not personally ready. Learn strategies how on to avoid this hurdle and leave with a feeling of gratitude.
- Learn how succession planning is more than just ownership transaction. Often the ownership group does not run the day-to-day operations of the company and delegates this to key leaders in the company. Attendees will learn strategies and approaches for how to transition employees in key leadership roles.
This session was recorded live on April 22, 2022.
This free live course is brought to you through a partnership with CLA. By registering for this course, you grant AIA permission to share your name and email address with CLA.