At Commercial Ventures, our succession planning consultants ensure the next generation is ready to take on new responsibilities to protect your legacy once you retire. Our Certified Exit Planners work throughout Alberta including Edmonton, Calgary and other major centres.
Family Succession Planning involves managing the unique dynamics of a family business to ensure a successful generational transfer. The succession plan needs to take in the business owners personal exit strategy and retirement but must also consider many other factors. Is the next generation prepared for leadership? How will the purchase of the business be financed? How are the relationships and expectations of different family members managed? Each of these questions and more need to be answered for a successful transition.
What is Alberta Farm Succession Planning?
Also known as agricultural succession planning, our services develop specific strategies to transfer ownership of a farm to the next generation.
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
Strategic planning
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
How Does Family Succession Planning Prepare Employees?
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.
Family succession planning helps avoid resistance to sudden change while providing a plan that allows the next generation to build on your success. For more information, arrange a free consultation with our team if you’re in Calgary, Edmonton or the surrounding areas.
