Written by Far too many business owners have a broken succession plan or no plan at all. In some cases a defective plan can do more harm than good depending on the circumstances surrounding the triggering succession event. Not having a succession plan can cost an owner more than half of what the business is worth. It does not have to be this way.
More owners might be better prepared for succession if they approached it like a manufacturing process and they viewed the end result as a finished product. Manufacturing is more tactile in someone’s mind. A well defined process produces clarity.
This makes a tremendous amount of sense. It does require a shift in how we think.
Good manufacturing starts with a clear definition of the final product. It is more efficient when combined with a commitment to simplifying the process. This reduces costs and saves time. Good manufacturing respects the supply chain, yes the supply chain. The planning supply chain is made up of Attorneys, CPA’s, Financial Professionals and Risk Management Products. Together they provide the material needed for the finished product. Owners deserve professionals who work cooperatively together for their benefit.
