Succession planning gives you the opportunity to set yourself and business up for long-term success by being able to transfer your experience and expectations to the next generation of business leaders and owners. Creating a plan brings clarity to the businessís future and provides the organization with the communication tools, collaborative experience, and single unified focus necessary for making the actual transition successful.
Business Mentors LLC will help you develop a Strategic Business Plan. The first step
to having a clear succession plan is to have a clear, written strategic business plan about where you and other involved family members
and managers want to see your business in
Business Mentors LLC will help you document your organization, business systems, and practices. Put as much into writing as possible. The next generation can certainly change things, but first they must understand what is currently working and how to use it. A documented business is also more valuable. Think about how easily the transfer of a franchise, with documented policies, procedures, and business processes would be compared with an undocumented one. Let the next generation learn from your knowledge and experience. Document your organizational structure, operating budget, financial model, pricing methods and policies, management reports, position descriptions, planning processes, sales and marketing plans, work processes, operating policies and procedures, etc. Successors will be up and running more quickly and more profitably with written guides and references than without.
Business Mentors LLC will help you define the qualifications of leadership position(s) and assist in evaluating candidates for successor positions whether they be family members or not. After selection and as needed, we can also help train your successor(s).
Business Mentors LLC will help your advisors develop succession plan strategies. You should contact your legal and tax advisors regarding the best way to handle the legal and tax aspects of a business sale or transfer. Tax consequences should be addressed with a tax professional. Use your legal and tax advisors to develop alternatives for you to evaluate.