There is much to think about when planning to transition your business to the next generation. Unlike a typical business succession strategy, a family transition involves unique dynamics that can complicate the transition. Through effective family succession planning we can help you:
Navigate through complicated family dynamics
Make the business valuable for the next generation
Plan for current owners retirement
Prepare the next generation for leadership and business ownership
Plans for all required transitions
Mediating financial negotiations between family members
Supporting the next generation in securing financing to purchase the business
Succession planning ensures your successors have a better future to help them succeed.
Succession planning begins with a thorough review of your company structure. Commercial Ventures finds opportunities to improve that structure and company operational processes. We prepare a business case based on your goals, after performing the following assessments:
Determine owner and business readiness
Assess knowledge transfer to the next generation
Analyze the financial options and possible deal structures
Identify potential souces of conflict
Establish key non-familial retention targets
Once we identify shortfalls, recommended improvements might include:
Knowledge management: Forming a plan to ensure knowledge is passed on to the next generation.
Training: Preparing employees to perform new tasks to improve their roles.
Development: Developing employee skills to fulfill future roles and responsibilities.
Career planning: Identifying employee career goals to help develop skills so they can achieve their goals or offering recommendations based on their skills and demonstrated talents.
Career management: Finding opportunities to create jobs and/or improve organizational structures to better meet the objectives of your business.
Replacement planning: Identifying the need to replace personnel in certain functions to improve productivity and operational success or replacing highly specialized competencies to meet company need.
Morale: Boosting morale by finding ways to improve employee engagement
Improved retention: Recommending ways to invest in employees based on our findings.
These are the core elements of succession planning.