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10 Succession Strategies®
- Personal and Estate Profile
(PEP) - Complete a comprehensive information gathering
and planning tool. Provides a written document that summarizes
key information and serves as a reference guide for your family
and advisors.
- Business
Financial Analysis - Provides a thorough review
of the current financial and organizational health of your business.
The result is a written and comprehensive summary and recommendation
that brings together the relevant organizational, financial, legal,
and tax information in one easy to use reference guide.
- Family and Business Mission
Statements - Clarify family and business values. Align
interests of all stakeholders and bring vision and reality into
congruence. Facilitate a family meeting to create mission statements
for the family and the business.
- Business Strategic Plan
- Review existing business plan and determine viability of plan
implementation for successors and management team. Facilitate
a meeting with key stakeholders for analysis of strengths, weaknesses,
opportunities and threats (SWOT) facing the business.
- Wealth Enhancement
- Develop financial strategy to ensure retirement security for
owners and retain family wealth for future generations. Provide
written recommendations for investment, retirement, and estate
planning programs.
- Successor Analysis
- Determine viability of an internal succession. Interview owners,
family members (inside and outside of business), non-family management,
and key employees in order to identify strengths, weaknesses,
and leadership capabilities.
- Successor Development
- Assist with clarification of successor criteria. Produce written
guidelines for the consideration, training, and choosing of successor
candidates.
- Advisor Coordination
- Create follow up strategy with advisors and stakeholders to
obtain buy-in for family objectives. Develop accountability goals
and task timelines for all parties involved in succession process.
- Quarterbacking
- Track and document progress of advisors and stakeholders in
completion of responsibilities. Provide a monthly report recapping
tasks, deadlines, and progress towards implementation of succession
strategies.
- Board of Directors
- Utilize the board to maintain perspective, provide a "reality
check" for management, guard against stagnation, and ensure
a steady flow of new ideas for the business. Facilitate the creation
and initial meeting of an outside board of directors.
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