critical elementsof sustainable succession plan
- The continuity of life transmitted through values from one generation to the other
- What is transferred is not a business, wealth or estate, it is life embodied in values that created and sustained that wealth, business or estate.
- A mere orderly and peaceful transfer or transition of ownership, management or leadership is not succession, and a plan that simply does this is not a succession plan.
First we restructure to ensure the business is viable and sustainable. This means sometimes organizational development.
Second we ensure the business has a separate life from the life of current owners and leaders. Independent and Separate life if critical for succession plan
We identify the values that built and sustained the business.
We help identify the next generation. Nurture to maturity and prove them.
We help ensure there is an intergenerational convergence on context, perspective and perception
We help anticipate and manage the current and future environment for the successors. We identify opportunities, threats, risks and help them to develop the ability to adapt to it.
Do You Need A Succession Plan?
- Is it important to you what happens to your business?
- Do you wish for your business to continue while you are alive or gone
- Are you interested in legacy?
- Is the future welfare of your generations important or a concern to you?
- Do you believe your business is contributing something important to society?
- Would your vision be fulfilled without you?
- What would happen to this Business if you did not run it or If you were no longer able to run it?
- What would happen if your Business failed?
- Start early
- Articulate the values that built the business
- Reproduce (evolve) yourself
- Give life
- Select the the specific life amenable to the values
- Nurture the life
- Prove the life
- Reproduce the business
- Create the life of the business
- Build a robust organizational structure
- Create contingency
- Get support and external resources
How To Plan Succession
- Prepare for eventualities
- Ensure incentive compatibility
- Conclude succession while alive