Business Owner Succession

Planning for a Business Owner Succession

How do you successfully transfer your business to a family member or employee within the company? How can you be sure the successor is ready to take over? How can you ensure the company's future success?

A successful transfer of a business requires a structured process that encourages an owner to incrementally step back and transfer real authority to a successor. Without this process, only 1/3 of businesses are successful.

Decision Associates has extensive experience helping business owners efficiently transition through a succession and ensure continued growth. Our experts assess an owner's or successor's contribution to business, including:

  • Experience
  • Intellectual property
  • Behavioral characteristics
  • Entrepreneurial and business acumen

We then inventory and classify these contributions to create a virtual image of a person’s skills and capabilities. By developing a GAP analysis, we can determine how the business will need to be run by the successors in order for them to succeed and develop a plan to close any gaps that exist between the owner and successor.

Closing gaps may require training, hiring a particular expertise, mentoring and coaching or finding new skill sets to replace deficiencies after an owner's departure. Whatever the situation is within your business, we can help ensure your business owner succession is a positive experience for the entire company.

Contact Decision Associates to learn more.

"My Decision Associates Peer Group was critical to my development as a leader. Within that environment of trust and confidentiality, I found solutions to issues and challenges that I would not have been able to resolve on my own. I think everyone in the room felt the same way; we all learned we have similar issues regardless of the business we are in. I believe the peer group to be one of the most impactful programs that I have attended throughout my career. I would recommend this to anyone who wants to really challenge themselves to be better every day."

~ Mike Chesley, President
Composiflex

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