How do we develop succession planning
The 5 phases of a successful company succession
An entrepreneur should start planning his succession in good time. That means: comparatively early. Starting your succession planning nicely five or ten years ahead of schedule is not a mistake. Because the question of succession becomes acute for every entrepreneur at some point. And it is time-consuming to make the right decisions, setting the right course. The planning process itself is divided into five phases.
Determine the law of action
There is no company owner who can work in his company forever. Very many would not even want that. At some point you will come to a point where you want to give control of your business to someone you trust. After all, you want your company to continue to exist. You want to find a succession plan that also gives your customers, your partners and your employees security. It is probably difficult to say whether the time for your successor will come in five or ten years. But there could always be external circumstances that compel you to find a successor within weeks or months.
Family-internal succession or new partner?
Reason enough to start thinking about which constellation you think is the best. Is there perhaps the possibility of a family-internal succession? Or would one of your employees be suitable? Even if a new partner is to come in from outside to take over the company, you have to plan and prepare for this. Tax issues need to be clarified and contracts developed. Succession planning is always time-consuming and time-consuming. But if you deal with it in good time, as an entrepreneur you keep the law of action in your hands. Even if the circumstances make it necessary to settle the succession more quickly.
The 5 phases of succession planning
In our practice, it has proven useful to divide the succession planning process into five phases. We are happy to accompany you on the various topics that arise in these phases - with the factual look that is offered.
First of all, we will hold an exploratory meeting with you, in which we will jointly define your goals for the successor. We develop a step-by-step plan and fix the key points. In this preparatory phase, you should also clarify which lawyers, tax advisors and, if applicable, auditors you would like to involve in the succession process.
2. Positioning for companies and entrepreneurs
We then determine your current strategic direction and market position. Together we record the strengths and weaknesses, opportunities and risks for your company. We evaluate the company, the financial strength and the financing potential. In this second phase we can also collect an opinion of your management team and at the same time record the potential of your possible successors.
3. Develop an individual succession concept
In the next step, we will consider the various succession options with you. The aim is to develop an individual succession concept that fits your situation and your wishes exactly. Once you have determined your individual succession plan, it is time to define the exact transition process and the milestones for it. An emergency scenario is also part of it. When you as an entrepreneur have gone through these first three phases, you are already very well positioned when it comes to succession. You now have a solid succession plan and can initiate step-by-step measures for a successful succession.
4. Transition and implementation phase
At some point the time has come: Your succession process will enter the critical phase. We moderate the transition process for you and accompany the drafting of the contract. Your successor or your successor team will be trained at this stage and gradually introduced to their new management tasks. As soon as the contractual and tax structure is in place, you can hand over operational management and take back your influence.
5. Training for the successor (s)
The last phase in the succession process is about supporting the successor or your successor team in developing a real entrepreneurial personality. We will help your successor to find himself in the new role and to fill it. If there is a management team, it can also be important at this point to mediate in the event of any internal tensions.
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