There has never been a greater need for efficient succession planning than there is today. As the oldest members of the Baby Boom generation retire in larger and larger numbers, family-owned and closely-held businesses need to focus full attention on creating a successful succession of leadership so their businesses will continue to thrive for coming generations. VonLehman’s succession planning experts are here to help guide you through this critical process that many companies either neglect or get wrong.
Transition planning begins with analyzing the complexities of your business to develop a complete picture of your current situation. Where you go next is up to you.
The most critical undertaking as you begin this process is to identify and develop goals and objectives for your business, your family and you. Once your goals and objectives have been identified, the next step is to examine your business and all of its attributes and challenges. This phase identifies modifications that can be made to various aspects of the business to more closely align with and meet your business objectives.
More than 80 percent of U.S. businesses are family-owned. Forward-thinking owners know the importance of succession planning and the consequences on future generations of their family of failing to plan. Many businesses have fallen apart because there was no line of succession for leadership of the company.
Devise a timeline for the transition process that will allow your successor to assume leadership gradually. Allow yourself plenty of time to prepare for departure, while making yourself available to lend professional advice to your successor.
Our commitment to understanding and executing your objectives makes us an ideal advisor for your transition planning needs. If you want an advisor who is just as invested in your business' success as you are, make the leap and contact one of our advisors today.