Succession Planning

It's More than MoneySuccession

 

Succession Planning Must Take Into Account:

  1. People, personalities, expertise, emotions
  2. Maintaining the status quo and continuing to move forward
  3. Employees, clients, spouses, bankers, the community
  4. Finances

Our Experience

On-going businesses will need to transition to new leaders, and at times, new owners. Succession planning may involve leadership succession, ownership succession, or both. Leadership succession requires thoughtful consideration of the business' future direction and potential leaders' expertise and traits. Ownership succession is not just about money; it can get very complicated because of emotional stress due to rivalries, differing risk/reward tolerances, entitlement mentalities, spousal expectations, and on and on.

Good Succession Plans:

  1. Consider the needs of the organization first
  2. Identify the right leaders
  3. Align leadership skills and experience with the company's needs
  4. Understand and consider all parties involved
  5. Are workable

Selected Succession Planning Accomplishments

$100 Million Family Business

Consulted with a large family business to successfully transition leadership and ownership responsibilites involving 3rd and 4th generation family members

Heir-Apparent

Worked with heir-apparent of a successful business to ensure a smooth and successful transition in leadership

No Heir-Apparent

Consulted with successful business owner, who had no heir-apparent, and facilitated the planning process for the leadership and ownership transitions

Multiple Owners

Developed a plan for one of three business owners to transition their ownership to the remaining two owners over a set period of time

Let Gerke & Associates help you with Succession Planning!

Contact One of Our Executive Consultants Today!

 

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