TIME : AN ESSENTIAL ELEMENT OF INTERNAL SUCCESSION

Give Yourself the Time to Do It Right

One of the most important factors for developing a successful succession plan is time. The internal succession process can take several years to complete in order to facilitate both the founder’s desire to exit gradually and to allow the succession team to make incremental purchases that are more financially realistic.

In addition to allowing the plan enough time to take shape, it’s beneficial to have a cushion to make any plan adjustments or, in extreme cases, reshape the plan from square one.

In this Roundtable Talk, Elite Client Consultant Kem Taylor, CBEC, and President David Grau Sr., JD, discuss the many paths succession plans can take as well as offer several examples of how FP Transitions has helped business owners navigate their plan adjustments including accelerating the plan, adjusting the next-generation ownership team, and falling back to “Plan B”–selling the business.

Watch a short clip below, and fill out the form to watch the full video.

 

 

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