Exit Coach Bill Black interviews Top Advisors for Tips, Ideas & Precautions for Business Owners who want to grow and protect their company value and plan for a successful Business Sale or Transfer. Listen daily so you can be well-planned!
Episodes
Monday Feb 17, 2014
Monday Feb 17, 2014
The following is the third of a 3 part article by Louis Tucci of L. Tucci Financial LLC.
You can hear his full 20 minute interview here at www.ExitCoachRadio.com tomorrow, Tuesday, 2/18
Developing A Succession Playbook
To assist you in your planning, we recommend writing a succession playbook. Begin by listing every key stakeholder to the business who will be affected by your exit and the impact that the exit has on each person or association. It has been said, “You cannot manage that which you cannot measure,” therefore, taking stock and measurement of those affected by your eventual departure is an important component of coming to grips with the changes the company will face.
Tipping the First Domino – Getting the Process Started
Eventually, when the initial planning is complete, your outside advisors and internal managers are aligned with your thinking and when it comes time to execute, you will need to begin the communication process. We recommend that you organize / schedule the initial conversations with your top managers first in order to gain consensus at the top of your organization. After their questions are asked and answered, it will get progressively easier to communicate both down the employee list as well as to outside parties.
Concluding Thoughts
Succession planning is not an easy task and it is not something you do overnight. There are many moving parts involved with passing the torch, but with the proper succession team and transition planning, you can alleviate many of the headaches associated with this life-changing event. Start planning early; be mindful when considering the impact on your employees, customers, business relationships and vendors; develop a team of individuals who you trust to guide you through the process; have a clear and concise communication plan ready to roll out; and, develop a succession playbook. Having these tools in place will help to eliminate an environment of instability and will provide ease-of-mind as you move on to your future endeavors.
L. Tucci Financial LLC
Louis Tucci
310 Passaic Ave.
Ste 203
Fairfield, NJ 07004
973-582-1003
ltucci@financialprinciples.com
www.ltuccifinancial.com
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