For family owned business, one of the biggest challenges is properly preparing for and managing the transition from one generation to the next. These can be difficult waters to navigate, particularly where there are more than one successor especially where there are children involved or indeed long standing non family members who you may want to take over from you.
Of course it’s not just family owned businesses that face succession planning challenges. One of the key challenges CEO’s and non-executive directors of businesses that are owned by multiple shareholders must deal with is what’s next for their roles when they decide for whatever reason to move on. Ensuring years of corporate intellectual property is not lost when an experienced CEO or senior employee departs is often critical to a business’s continued success.
We have years of experience working with business owners to not just plan for succession but to execute those plans. Getting the timing right (when circumstances allow) and effectively communicating the changes to stakeholders often forms a major part of the advice we provide, not just how the success plan will operate.