SUCCESSION PLANNING
SUCCESSION PLANNING FOR BUSINESSES & CORPORATIONS
FocalPoint coaches work with some of the top business owners in the world helping them plan for their exit by developing a succession plan. Locally, we are headquartered in Bowling Green, KY, and serve the greater Warren County area, including Glasgow, Franklin, Russellville, KY and Portland, TN and beyond.
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Succession is an optimal business transition for business owners who wish to maintain their company culture, mission, and values and have a smoother transition for staff and loyal customers. Whether ownership is passed down through your family or to a loyal employee or manager, your business remains influenced by your vision regardless if you exit immediately or gradually. I offer succession planning services to facilitate the process and give you confidence that your business will be in capable hands.
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WHAT IS SUCCESSION PLANNING?
Succession planning is the strategic transfer of business ownership upon retirement, death, career change, or business incapacitation. Succession planning ensures your business continues to operate under capable leadership on your stipulations, mission, and values by passing ownership internally to a manager, employee, or family member.
WHAT SHOULD A SUCCESSION PLAN INCLUDE?
A solid success plan should include the following elements:
- Successor stipulations: your succession strategy should include details of how and when a successor will take over your business to confirm your business is in capable hands.
- Your chosen successor: you should identify and define your chosen successor. However, you will also name additional potential successors in order of preference if your chosen successor cannot fulfill the role.
- A strategic plan: a succession plan should include a strategic plan – to optimize your business operations, productivity, staff performance, and more to reach peak functionality as the succession process takes place.
- A financial plan: you must identify how you will fund the succession, find financial documents, and determine how to proceed with a financial agreement.
WHY IS IT NECESSARY FOR BUSINESS OWNERS TO DEVELOP A SUCCESSION PLAN?
Succession plans are essential to secure your family legacy when you create a family business – succession plans secure the future of your business according to your preferences, ideals, and vision.
Succession plans also play a critical role in securing your business in the next season for the unexpected. For example, if your business exit is sudden and involuntary, it will continue to operate efficiently under capable ownership.
When you don’t create a succession plan, an internal transfer of ownership will not be protected nor guaranteed.
HOW DO I CREATE A SUCCESSION PLAN?
- We identify the optimal succession strategy aligning with your personal preference, stipulations, and professional goals with a business assessment and your vision of your future.
- Financial preparedness: succession planning requires a plan for funding. I create financial projections for my clients to determine the revenue needed to fund the succession and advise them on a financial agreement. I will advise you on pursuing the most necessary professional resources for a successful financial plan satisfying all stakeholders.
- Value building: we identify your current business market value using professional assessments, then strategize building its value by increasing sales revenue, capitalizing on key results areas, and more.
- Operations and process management: we strategize optimizing daily operations and process management for expense reduction and ease of ownership transition.
- Employee/successor development: your co-owner, family successor, or employees undergo training to assume leadership by managing responsibilities with minimal supervision to ease the transition process.