Challenge
What is the plan for your business when you are ready to move on or retire? Some companies have well-defined, detailed plans for succession. Others have a vague notion of what will happen and who will succeed the owner. However, for many business owners this question is very hard to answer and thus, many they have no succession plan at all.
Impact
The old adage the “failing to plan, is planning to fail” is definitely true in succession planning. A good plan takes time to develop and generally 3-5 years to implement. In the absence of a good plan, opportunities get missed, team members stress about their future and options get limited. And when the time comes, the business owner may not harvest the benefits of all of their hard work. In fact, some businesses just end with the last project that the founder or owner does. Millions of dollars in business value are simply lost each year.
Solution
Growth Team Strategies, having guided many business owners through this process, believes “you only get one chance to make a LAST impression” when it comes to succession. You need a clear and actionable plan. That starts with an understanding of the business owner’s goals. Then, the GTS Advisor uses our Transition Planning Framework to determine what is known, what needs to be researched or what ultimately needs to be negotiated. GTS is certified in the Value Builder program, which provides an assessment and resources for the business owner to drive the value of the company. And the GTS Advisor helps you, the business owner, assemble your succession team (accountant, attorney, etc.) and coaches you through the process.
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