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.

"We engaged Decision Associates in our search for Executive Director of Erie Center for Arts and Technology. We could not have had a more professional search for the most critical role in our organization. Everything throughout the process lined up better than we expected. The best part of the engagement with Decision Associates was the homework they used to prepare us for this hire. Decision Associates legitimized the search and we feel this attracted the best candidates for the role."

~ Charles "Boo" Hagerty
Board Chair, ECAT

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