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 West Chester, OH and serve the greater Butler County area, including Cincinnati, Mason, Blue Ash, Sharonville and beyond.
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As a business owner, it’s essential to consider who will be your successor: whether you carry on your family business or choose a key employee, you must create a succession plan for a successful transfer of ownership on your terms. I offer comprehensive succession planning to assist you in leaving your business in optimal standing, prioritizing your legacy and mission, and being in capable hands.
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WHAT IS SUCCESSION PLANNING?
Succession planning provides instruction and stipulations for a transfer of ownership to a chosen successor. Succession planning ensures your business continues to operate under capable leadership on your terms. It involves choosing your successor, setting up a financial plan to fund the succession, and preparing them and your business for the gradual transfer of ownership.
WHAT SHOULD A SUCCESSION PLAN INCLUDE?
Your 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.
- Your chosen successor: you should identify and define your chosen successor. Ideally, you will name additional potential successors in order of preference if your chosen successor cannot fulfill the role.
- Strategic plan: include a strategic plan for operations management, optimal productivity, process simplification, performance plans for successor leadership development, and more to maintain functionality during the succession process.
- Financial planning and management: you must identify how to fund the succession and identify and allocate assets, cash flow, and more. For example, you may set up a payment plan with your successor to pay full ownership over time.
WHY IS IT NECESSARY FOR BUSINESS OWNERS TO DEVELOP A SUCCESSION PLAN?
Succession plans are essential to secure your family legacy if you have a family business to secure the future of your business.
Succession plans also play a critical role in securing your business for the unexpected. For example, if your business exit is involuntary, it will continue to operate efficiently under the person you’ve chosen. It is excellent to craft a succession strategy ahead of time to save money, time, and effort in the long run.
HOW DO I CREATE A SUCCESSFUL 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 extensive funding. I use financial projections to advise you on pursuing the most optimal path to funding the transfer of ownership.
- Communication: we help you effectively communicate with your staff, partners, customers, and vendors about the transfer of ownership to maintain engagement and trust in the future of your business.
- 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.
Inquiring entrepreneurs and business owners who reside in greater Cincinnati, Ohio, including West Chester, Mason, Blue Ash, and Sharonville, can contact me today for succession planning.