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:
- 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.