sales@deal-studio.com
(800) 239-5085
Schedule a Demo
  • Home
  • About
    • Who We Are
    • Our Story
    • Our Team
    • Testimonials
    • Schedule a Call
  • Features
    • Industry Websites
    • Professional Content
    • Digital Marketing
    • Lead Capture Tools
    • Sales CRM
    • Deal Management
    • Integrated Workflows
    • Listing Promotion
    • Branding & Design
  • Resources
  • Media Kit
  • Contact Us
  • Home
  • About
    • Who We Are
    • Our Story
    • Our Team
    • Testimonials
    • Schedule a Call
  • Features
    • Industry Websites
    • Professional Content
    • Digital Marketing
    • Lead Capture Tools
    • Sales CRM
    • Deal Management
    • Integrated Workflows
    • Listing Promotion
    • Branding & Design
  • Resources
  • Media Kit
  • Contact Us
  • Home
  • About
    • Who We Are
    • Our Story
    • Our Team
    • Testimonials
    • Schedule a Call
  • Features
    • Industry Websites
    • Professional Content
    • Digital Marketing
    • Lead Capture Tools
    • Sales CRM
    • Deal Management
    • Integrated Workflows
    • Listing Promotion
    • Branding & Design
  • Resources
  • Media Kit
  • Contact Us
  • Home
  • About
    • Who We Are
    • Our Story
    • Our Team
    • Testimonials
    • Schedule a Call
  • Features
    • Industry Websites
    • Professional Content
    • Digital Marketing
    • Lead Capture Tools
    • Sales CRM
    • Deal Management
    • Integrated Workflows
    • Listing Promotion
    • Branding & Design
  • Resources
  • Media Kit
  • Contact Us
Blog
Home Seller Articles Thinking About Succession Planning
Seller ArticlesSeller FAQSelling a Business

Thinking About Succession Planning

Deal Studio April 16, 2019 0 Comments
Mature Man With White Stylish Short Beard Looking Outside Window

If you haven’t been thinking about succession planning, the bottom line is that you should be. In the February 20, 2019 Divestopia article, “All Companies Need to Look at Succession Planning,” author Brad Cherniak examines the importance of succession planning. Owning and/or operating a business can be a great deal of work, but it is imperative to take the time to develop a succession plan.

Succession Planning is for Businesses of All Sizes

Author Cherniak wants every business owner to realize that succession planning isn’t just for big businesses. Yet, Cherniak points out that the majority of small-to-medium sized businesses, as well as their senior managers, simply don’t focus much on succession planning at all.

Many business owners see succession planning as essentially being the same as exiting a business. Cherniak is quick to point out that while the two can be linked and may, in fact, overlap, they are by no means the same thing. They should not be treated as such.

Following an Arc Pattern

Importantly, Cherniak notes, “Succession planning should also be linked to your strategic planning.” He feels that both entrepreneurs and businesses managers follow an arc pattern where their “creativity, energy and effectiveness” are all concerned. As circumstances change, entrepreneurs and business managers can become exhausted and even a liability.

The arc can also change due to a company’s changing circumstances. All of these factors point to “coordinating the arcs of business,” which includes “startup, ramp-up, growth, consolidation, renewed growth and maturity,” with whomever is running the business at the time. In this way, succession planning is not one-dimensional. Instead it should be viewed as quite a dynamic process.

Evaluating Each Company Individually

Cherniak highlights the importance of making sure that the team matches the needs of a company as well as its stages of development. Who is running a company and setting its direction? Answering these questions is important. It also is of paramount importance to make sure that the right person is in charge at the optimal time.

Companies and their circumstances can change. This change can often occur without much notice. As Cherniak points out, few small-to-medium sized businesses focus on succession planning, and this is potentially to their detriment.

Copyright: Business Brokerage Press, Inc.

Chaay_Tee/BigStock.com

53
2813 Views
Could the Red-Hot Market for Businesses Be Cooling DownPrevCould the Red-Hot Market for Businesses Be Cooling DownApril 10, 2019
Embracing Technology to Boost Your BusinessApril 24, 2019Embracing Technology to Boost Your BusinessNext

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts
  • “Hello” is a Key Part of Making the Right First Impression April 14, 2021
  • Can Sellers Use Buyer Warning Signs to Their Advantage? April 8, 2021
  • The Transformative Benefits of the Entrepreneurial Operating System® March 31, 2021
  • A Private Equity Firm Veteran’s Advice for Business Owners Preparing to Sell March 25, 2021
  • The Psychology of Selling – Are You Sure You’re Ready? March 18, 2021
Categories
  • Blog 22
  • Buyer Articles 78
  • Buyer FAQ 15
  • Buying a Business 35
  • Content 1
  • Financing the Deal 7
  • General Business Brokerage 9
  • Marketing 6
  • Marketing for Business Brokers 1
  • Promotion 1
  • Seller Articles 230
  • Seller FAQ 35
  • Selling a Business 201
  • Uncategorized 2
  • Using a Professional 6
  • Valuation 15
  • Workflows 1

Automate, accelerate and elevate your deal making
Email sales@deal-studio.com
Phone (800) 239-5085
Request Media Kit
Features
» Industry Websites
» Professional Content
» Digital Marketing
» Lead Capture Tools
» Sales CRM
» Deal Management
» Integrated Workflows
» Listing Promotion
» Branding & Design
Recent News
  • “Hello” is a Key Part of Making the Right First Impression
    April 14, 2021
  • Can Sellers Use Buyer Warning Signs to Their Advantage?
    April 8, 2021
  • The Transformative Benefits of the Entrepreneurial Operating System®
    March 31, 2021
Newsletter
Terms of use | Privacy Policy

© Copyright 2021 Business Brokerage Press, Inc. All Rights Reserved.