Business Succession Planning

Secure your family business’s future with business succession planning

Ensure the family legacy lives on and the business is passed down to the next generation of leaders with a clear plan for success.

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What is Business Succession Planning?

Business succession planning is about much more than passing down a business: it allows for the continuity of ownership, control, and leadership to be transferred from one generation to the next.

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Through careful preparation, long-term planning, and focused execution, future owners, board members, and management are equipped with the necessary tools to sustain and prosper the business. It takes courage on behalf of those currently at the helm to commit to relinquishing control while remaining confident that they can entrust their legacy into capable hands.

Purpose of Business Succession Planning

Ensures ownership transfer

Investing in business succession planning helps facilitate a smooth transfer of ownership and control, as well as opens the door for enhanced business value.

Provides organization and governance

Structured governance systems provide consistency across business generations, paving the way for a successful succession process.

Enables efficient management

Recruiting internal and external talent, while nurturing the potential of internal candidates, is essential to the continuity of your family business.

Why Family Businesses Should Prioritize Business Succession Planning

The best legacy you can leave your family is one of stability, order, and continuity. By creating an orderly transition from one generation to the next, you are providing a strong foundation for the future success of your family business. Investing in succession planning will help make sure that when the current leadership is ready to pass the torch, there is an organized and well-thought-out plan in place to guide the transition. This helps protect the legacy of your family business by setting it up for continued success into the future.

How Business Succession Planning Works

Every family business is unique and requires a tailored approach to fit your family’s values and circumstances.

Assessment

We gain comprehensive insights by reviewing documents and interviewing stakeholders from shareholders to directors, and members of management.

Design

We use the assessment findings to develop a tailored strategy for your family business and its advisors that meets your unique needs.

Implementation

We'll collaborate with your legal and financial teams to develop a plan of action that meets your goals, and provide ongoing guidance.

Common problems with Business Succession Planning

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Procrastination

Busy leaders often delay succession planning, mistakenly thinking there's always tomorrow. Succession is a proactive, ongoing process.

Unclear values and distrust

As generations pass, original values blur, causing confusion, frustration, and endangering long-term success.

Unclear expectations

Ambiguity from current leaders leaves the next generation uncertain, leading to disappointment.

Weak governance systems

As businesses evolve, first-gen family-centric governance may not suffice. The idea of professional boards can face familial resistance.

How to implement Business Succession Planning effectively

Listen

Establish meaningful relationships through active listening and open communication between all stakeholders.

Ideate

Encourage diverse approaches and tailor a strategy that aligns with the family's unique needs.

Trial

Test the strategy in a controlled setting, adapting to fit the business's culture and situation.

Implement

Execute the long-term succession plan, with periodic reviews to stay on track and tweak as needed.

Are you a family business leader looking to expand and perpetuate your family's legacy?

Each of our strategy consultants bring 20+ years of experience in working with family businesses to help you address the key issues you face in preparing your family business to continue to the next generation.

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