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The following article was published in our article directory on November 15, 2013.
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Planning For Succession Means Business Reorganization

Article Category: Business Management

Author Name: Wayne Messick

Planning for succession has to get started before it can be done. You have to pick a day and from that day forward every action you take and every decision you make must have something to do with planning for succession and its likely outcome.

When you're planning for succession, possibly the key motivating issues is attitude, especially when we're thinking about the senior generation's enthusiasm to revamp the business's legal composition.

It is true there are other necessary steps in the process of planning for succession and at one time or another each on of them appears to be the most important. In fact every one of them really is the most critical one, because they all depend on and build on one another.

Every business has a legal description and planning for succession will effect it, either today or in the future as the plans and strategies are put into play.

For example, if your business is organized as a corporation, partnership, etc. and it's been organized that way for the last few decades, that is almost certainly because, operationally at least, there has not been a compelling reason to change.

Now, maybe for the first time, there may be reasons why that organization needs restructuring if it's to become the vehicle for attaining your family's dreams and goals for the future.

Planning for succession may provide few areas where the business you are now operating can use an organizational renovation. Naturally your specific situation may necessitate other modifications as well if you are to achieve success planning for succession to the next generation of your family.

Maybe it is time to take into consideration separating the company's ownership from its management.

Often the actual legal business ownership is the last thing folks are willing to discuss, believing that the ways things are organized are just fine. Often however planning for succession activities illustrate the value of a different organizational structure when it comes to starting the process of shifting management related jobs and responsibilities to the next generation successors.

Doesn't it make sense to begin coaching your successors immediately, allowing them to make the predictable blunders while you're still around to supply guidance?

This aspect of planning for succession is also a test of the senior generation's readiness to face the certainty that sooner or later their son or daughter (and their family) will be making all the decisions.

Leadership and management are two talents they can only develop on the job. By the time you're all ready to get started with the transitioning ownership phase of planning for succession, you are going to feel more comfortable with their ability to run the place successfully.

A significant stumbling block, the one which most often leads to the "wait and see" approach that may be devastating for everyone is the senior generation's unwillingness to face the fair vs equal issue.

Perhaps if you considered it in a different way, putting the efforts and commitments of those who shall be running the place in the next generation in one camp and people you believe should receive a legacy since they're family in another.

It's not that anyone is loved more than someone else – it's that for whatever reason they've decided not to commit their lives in the family company.

People that will own and run the business in the future already have their inheritance – the chance to live the life of their choice and build on what you've achieved.

So why not organize the business to pass the growth on to them and set aside money for the other folks, beginning now.

One thing you might think about would be to make gifts to your beneficiaries right away while they are building their families and while you're alive to see how they too are making the most of your legacy to them?

But first the financial security of the older generation must be considered when stacked up against the expansion required to make good on each of the promises to everybody.

The senior generation members are approaching the time when they will want (need) to start receiving income from the company that isn't associated with their day to day activities. Refer to it as retirement for lack of a more exact term.

The younger generation wishes to grow the business at the same time.

The actual result can be extremely aggravating for both groups. My advice is solve the senior generation's issues first.

They deserve to see where the money is likely to originate from, how taking more or less money will impact the company's advancement, and what options are available to them.

Solve their concerns first and they will put the same amount of determination into the company's future as they have throughout their lives.

Planning for succession take place over time and the material above is for the vital family meetings you will be having.

Planning for succession doesn't have to be tough if everyone is willing to communicate early and often, and being willing to address the possibilities that may be achieved by redesigning the company's legal structure is one of the important topics of discussion.

Planning for succession frequently involves mastermind group conversations where you can test assumptions with others active in the process, and share with them the professional information of your advisors – men and women associated with your planning for succession process.

Keywords: planning for succession

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