What do Fortune 500 companies and a mom and pop business like the Pinetree Lodge have in common?

          At one time or another every size business is presented with the challenge of change of ownership. Whether it is by way of merger, acquisition, sale or death the issue of succession is one that nearly every business owner must anticipate and contemplate an exit strategy from the business.

          If General Waverly suddenly died and left the Pinetree Lodge to his wife and five children, who would run it? Same holds true for the president and CEO of a 15 employee corporation with 3 million dollars in annual revenue as well as the controlling shareholder of 100 million dollar company.  

          An exit plan enables the present ownership/management to transition to the new ownership/management.  

          Our succession consultants meet with the appropriate parties to develop goals, collect information, map a strategy and implement a transition plan to achieve your goals.  

          There are many interests that present challenges in the succession of a business. Conflict, legal, accounting, financial planning and human resources are some of the most common challenges presented in business succession. Having a lawyer, CPA, financial planner and HR consultant are important but can become expensive and too intrusive into the business plan. Our Business Succession Consultants can aid you in doing what you want to do, help you manage your business pursuant to your vision and use the specialized consultants as consultants and not the managers of your business.

Business Succession Consultants

          We assist you in the succession of the business and help you deal with wealth distribution, your ability to deal with conflict capacity and develop going forward relationships.

          The primary component of any business succession is people. Conflict is the biggest challenge presented in dealing with the people involved in the transition. In our example above, Gen. Waverly’s wife would like to have a major role in the business since her husband died but knows that her oldest son would also like to take over the family business. Her youngest daughter us just about to graduate from college with a degree in hotel management and also wants to run the business. Unfortunately, Mrs. Waverly is 75 years old and has had some recent health problems and is concerned as to how much she can really do. The oldest son is sort of the “black sheep” in the family and has not always seen eye-to-eye with his mother and father. All of the kids have worked from time to time in the business but some are undecided if they want any significant involvement in the business.  

          This is a typical presentation in a succession in a family business. Individual personalities create the same type of challenges whether it is a large corporate enterprise, a mid-sized company or a family owned business. Crisis intervention, management and consultation is important.  Trust and confidentiality are essential in the information gathering phase. Identifying the bases of conflict and directing communication and dialogue between the principals is mandatory. After developing areas of agreement then focusing on areas of disagreement we help you create options to eliminate those disagreements and establish greater overall agreement. 

          Once the conflict amongst the principals disappears in the succession of the business there will be in place a process for dealing with future conflict and disagreement and the process for a non-adversarial, collaborative effort for a peaceful succession will take place. It is then much easier, and less expensive to bring in the tax advisor, financial planner, IT people and the lawyer to prepare the necessary legal documents you may want to finalize the plan.