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.

“Being in a peer group is extremely valuable because it’s a place where you can speak confidentially to other business professionals who understand your business issues, and can help you develop a path forward to handling them. It has also fostered my professional growth and helped me to understand and implement a variety of management techniques and strategies through the analysis of several books and articles.”

~ Danielle Bates, CPA, Controller
Accudyn Products, Inc.

Subscribe to our Decision Point Newsletter