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Strategies for Surviving (Thriving) During these Times

By Generational Equity

Succession Planning

Recently our friends at Vistage (who we have a national strategic alliance with) published a very informative article on business survival during these tumultuous economic times. Entitled, “Seven smart financial strategies for surviving an economic crisis”, the article was full of really good ideas on how to manage through these times we find ourselves in.

One point in particular caught our attention: Engage in succession planning.

Succession planning can take many forms. At its most basic level, it suggests that you need to develop a plan that will allow you to ensure that your business continues beyond your daily involvement once you exit. Far beyond that though, in order to ensure that you protect the equity you have built over the years into the business (and allow you to reap the financial rewards of your decades of hard work), you need a very solid succession plan.  

A well-thought-out succession plan will include several key items:

  • The creation and development of a middle management team
  • A strategy to encourage decision-making beyond the current owner
  • The development of a client relations team (not just the owner)
  • A long-term strategic development plan for the business

Individually each of these is key. However, collectively they form the core to any succession planning program you consider. No matter where you are on the succession planning continuum, whether planning to exit next year or in the next decade, the sooner you begin working on these succession items will benefit you in the long run. 

Fortunately, the Generational Consulting Group is here to work with you no matter what time frame your succession plans fall into. We fully recognize that for many of you, your exit timing has been impacted by the economic upheaval of COVID-19. However, we also realize that the time to start planning an exit (and implementing value building growth strategies) begins years before the actual event. Our professionals with Generational Consulting are here to guide you no matter what your timing may be.

To learn more about creating an effective succession plan, despite the economic situations we may be facing, call us at 972-232-1121 or visit our webpage, provide us with your contact information, and we will be in touch.

Carl Doerksen is the Director of Corporate Development at Generational Equity.

© 2021 Generational Equity, LLC All Rights Reserved

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