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.

"Our company is great at hiring for most positions, but when we needed help with an executive position, we turned to Decision Associates. We felt that we didn't have to 'go it alone' to find the right person. The screening tools that were used helped to match the candidate to the personality and culture of Betts Industries. They identified the traits and performance indicators with the candidates, and we began a vetting process that was intensive and successful. The whole process was quicker than we thought it would be and was narrowed to a handful of candidates who were all qualified. It was an easy process to work with Decision Associates, the extra work up front that they did benefited us at the end. Our hire is going great and exceeding our expectations. We would recommend Aaron Phillips and Elizabeth Cipolla to assist in any executive position needed and will turn to them again."

~ Ryan Betts, VP Human Resources
Betts Industries

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