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Just like your strategic business plan, marketing plan or financial plan, a succession plan is an essential tool to chart the best course of action now and into the future.
The ideal time to develop your succession plan is when you start your business -- incorporating your transition goals in your business activities from the very beginning. It will help guide you toward critical goals you have for the organization and help you negotiate the problems that are inherent to governing a family business over time.
Business owners often hear that they should have an Exit Strategy as a part of an effective business plan. However, in our experience, exit strategies are rarely developed and, if they are, the strategy is not reviewed regularly to ensure its suitability or viability.
There are multiple advantages to having an Exit Strategy, regardless of whether the owner ever decides to execute the strategy at the identified time. Namely, planning an effective exit from the company means the owners have their eye on a goal and will be focused on the steps needed in order to make that dream a reality.
Whatever direction owners choose to go, it is important to plan an exit strategy: a path that ensures an efficient and comfortable transition, a path that achieves a win/win outcome for all involved.
Failing to plan and manage succession is one of the greatest threats to your family business.
CITEC can help you connect with the right expert resources to effectively chart your Succession & Exit Strategy.
Click here to learn more about our Family Business Assessment or contact Family Business Advisor Tricia Wilson today to determine your best path forward!
