“Do You Know Where Your Succession Plan Is? And Do You Know What To Do If You Can’t Find It?”
“Do You Know Where Your Succession Plan Is? And Do You Know What To Do If You Can’t Find It?”
By: J. Glenn Ebersole, Jr., Chief Executive of J. G. Ebersole Associates and The Renaissance Group ™
A Strategic Thinking Coach focuses on bringing new perspectives to clients. With an understanding and appreciation of the past, the strategic thinking business coach helps shape the future of the client and his or her respective business. Strategic thinkers are always looking at opportunities and challenges from a long-term point of view. We know the future does not just happen. The future can be and must be built with a plan and this is especially true regarding succession planning.
Many business people detest thinking about succession planning, let alone actually doing succession planning. It becomes another one of those items to be done “tomorrow.” The enormous risk in putting this off is that without a succession plan in place, the continuity of the business and its future direction could be totally lost. And it is important to impress upon you that succession planning is needed earlier in your life of your business, not later.
So let’s hear it out there. Do you or don’t you have a succession plan? And if you do, is it written down somewhere so it can be found? Or is it in your mind and no one else has any idea of what your succession plan looks like or where to find it? And if you cannot find it do you know what to do?
In many instances, people have great difficulty in handing over the controls of their business and it is very painful to do so. However, if you use good solid strategic thinking and planning you can develop a well designed succession plan. Time after time I see and read about an owner getting very sick, injured, dying or plain “burned out” without any system in place to see that the business continues and the owner’s family is taken care of in the future.
Based upon my recent readings and my business coaching practice experiences, there is some solid advice available for what to do for your succession planning. Here are my eight (8) strongest recommended actions to take if you do not have or cannot find your succession plan.
Action #1: Start now, not later, to think about and begin your succession planning.
Action #2: Develop a clearly focused vision of your goals for succession planning.
Action #3: Seek guidance from someone skilled in the succession planning process.
Action #4: Gain a clear understanding that great tax planning and great succession planning have different focuses. Tax planning focuses on the financial and succession planning focuses on the future ownership and leadership of the business.
Action #5: Develop alternate scenarios for the ownership succession transitions and rank the scenarios based upon your vision, goals and other preferences and constraints.
Action #6: Develop a business plan with the selected succession scenario.
Action # 7: Consult with an outside advisory firm with a strong reputation and solid experience with succession plans.
Action #8: Inform your family, management team and employees that a succession plan exists and share whatever level of information about the plan that is appropriate.
If you want to learn more about this strategic element of business planning and how it can specifically relate to your business, please contact Glenn Ebersole today through his website at www.businesscoach4u.com or by email at jgecoach@aol.com
Do You Know Where Your Succession Plan Is And Do You Know What To Do If You Cant Find It - To learn more about this author, visit Glenn Ebersole's Website.
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“Do You Know Where Your Succession Plan Is? And Do You Know What To Do If You Can’t Find It?”
By: J. Glenn Ebersole, Jr., Chief Executive of J. G. Ebersole Associates and The Renaissance Group ™
A Strategic Thinking Coach focuses on bringing new perspectives to clients. With an understanding and appreciation of the past, the strategic thinking business coach helps shape the future of the client and his or her respective business. Strategic thinkers are always looking at opportunities and challenges from a long-term point of view. We know the future does not just happen. The future can be and must be built with a plan and this is especially true regarding succession planning.
Many business people detest thinking about succession planning, let alone actually doing succession planning. It becomes another one of those items to be done “tomorrow.” The enormous risk in putting this off is that without a succession plan in place, the continuity of the business and its future direction could be totally lost. And it is important to impress upon you that succession planning is needed earlier in your life of your business, not later.
So let’s hear it out there. Do you or don’t you have a succession plan? And if you do, is it written down somewhere so it can be found? Or is it in your mind and no one else has any idea of what your succession plan looks like or where to find it? And if you cannot find it do you know what to do?
In many instances, people have great difficulty in handing over the controls of their business and it is very painful to do so. However, if you use good solid strategic thinking and planning you can develop a well designed succession plan. Time after time I see and read about an owner getting very sick, injured, dying or plain “burned out” without any system in place to see that the business continues and the owner’s family is taken care of in the future.
Based upon my recent readings and my business coaching practice experiences, there is some solid advice available for what to do for your succession planning. Here are my eight (8) strongest recommended actions to take if you do not have or cannot find your succession plan.
Action #1: Start now, not later, to think about and begin your succession planning.
Action #2: Develop a clearly focused vision of your goals for succession planning.
Action #3: Seek guidance from someone skilled in the succession planning process.
Action #4: Gain a clear understanding that great tax planning and great succession planning have different focuses. Tax planning focuses on the financial and succession planning focuses on the future ownership and leadership of the business.
Action #5: Develop alternate scenarios for the ownership succession transitions and rank the scenarios based upon your vision, goals and other preferences and constraints.
Action #6: Develop a business plan with the selected succession scenario.
Action # 7: Consult with an outside advisory firm with a strong reputation and solid experience with succession plans.
Action #8: Inform your family, management team and employees that a succession plan exists and share whatever level of information about the plan that is appropriate.
If you want to learn more about this strategic element of business planning and how it can specifically relate to your business, please contact Glenn Ebersole today through his website at www.businesscoach4u.com or by email at jgecoach@aol.com
Do You Know Where Your Succession Plan Is And Do You Know What To Do If You Cant Find It - To learn more about this author, visit Glenn Ebersole's Website.
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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