Business Succession Planning
Cultivating enduring value
No one goes through the work, risk, and sacrifice of starting a business without hoping it will last. Building value that endures is the dream that motivates entrepreneurs. Yet in many businesses, too little of that work goes into determining who will take over when the founders leave the stage.
For a business, working without a succession plan can invite disruption, uncertainty, and conflict, and endangers future competitiveness. For companies that are family-owned or controlled, the issue of succession also introduces deeply emotional personal issues and may widen the circle of stakeholders to include non-employee family members. That’s why we’re creating a series of papers to address these important issues.
Follow the series: Business succession planning
So what can a private business do to get started, and how should they address existing plans? This series will focus on the many considerations for private companies as they plan for business succession. Together, these volumes will form a library that can help business leaders identify and overcome the challenges that stand between them and an orderly transition of the management and ownership of their companies.
Stay tuned for additional volumes as they’re published throughout 2013. To receive these and other targeted materials for private businesses in your inbox, subscribe here.
The Need for Planning
Many privately held businesses display solid professionalism and enviable profits in their daily operations, yet fail to properly plan for and complete the transition to the next generation of leaders. You can learn more about strategic long-term planning in the first volume of our Business Succession Planning series, "The Need for Planning."
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