When you’re ready to transition your business to new ownership, whether you’re selling or handing it down to an employee or family member, you will need to prepare for this transition, especially if you have a team working with you. Performing due diligence when planning a business’s succession is imperative to that company’s future success with new leaders. If this step is skipped, there can be dire consequences down the road. IA Business Advisors has been helping business owners plan for succession and recover from succession for over 25 years. If you’re planning for succession, you’re in the right place.
Pre-succession is the due diligence done prior to a business owner exiting their organization. This is where we come in! We have a reputation for coaching and assisting business owners with the people, process, and technology needed to have a positive succession plan. The foundational aspects include understanding the company’s fiscal landscape: What is the company worth now? What will it potentially be worth in the future based on past trends? Are there any legalities that need to be considered? Are you selling to a third-party, or handing it down to an employee or family member? Whatever your plan is for succession, we will bring you through our trademarked BizVision™ process to help answer these questions.
The emotional aspects of the company’s succession will vary greatly depending on a variety of factors, including (and perhaps the most important) who you are selling to. Who you decide to sell to will affect the emotions of your employees, especially if family is employed. The psychological aspects of succession planning include everyone on your team, and everyone on the team of the company who is acquiring you (if applicable). The emotional and psychological aspects are closely related, and we perform our due diligence here by giving DiSC and Kolbe assessments to the appropriate team members.
During the transition and post-succession phase, we work closely with you and the new company leaders to ensure this process is smooth for the people, process, and technology of your company. It can be tough for the business owner to let go of their life’s work, and it can be even tougher for the new owner to take over someone else’s life’s work. The post-succession support may be one of the most valuable aspects of working with IA Business Advisors because the goal of planning for succession is to ensure that the company succeeds post-succession. If you’ve already been through succession planning and are facing issues, we can help even after the succession is over.
The first three to six months post-transition are some of the most important moments to lay the foundation of the company’s future. During this time, the team will start growing accustomed to the styles of their new leaders, and, if IA Business Advisors was brought in before the transition, should maintain their culture well. However, it is possible for culture to become disrupted post-succession, which could hurt the company should it not be carefully handled.
Some succession planning can take a few weeks while others might take a few years. We have a reputation for seamlessly bridging the people, process, and technology of this complex process through using our trademarked process, BizVision™. This allows for the most positive outcome for all parties. Our change management plan for your unique business will ensure that your business remains a viable entity well after succession has completed. If you’re ready to do something new and hand your business over to new owners, IA Business Advisors is your succession planning partner. Contact us today to learn more.