When reading this now you are probably at the point of setting up your Succession or thinking about it. It could also be that you are in the situation of the need for a plan b.
Which scenario is describing your situation best is not necessary to the subject of having a plan b, because in all named once and some more it is more then helpful to have a plan b in your succession.
Before we are going forward I want to say the following, congratulation. Congratulation dear entrepreneur and business-owner for thinking about your succession and setting up the right plan for your firm.
Alone with the decision to set it up you are a great example of business-owner which are taking the journey on of passing your firm along to the next generation.
The following will be provided to offer help in doing your Succession Planning right, it can be quite frustrating when having done your succession plan when it is turning out that it does not work because a back-up plan was not considered.
Succession planning alone requires quite a portion of energy and time, this is the reason why it should be done the right way when doing it. For doing it the right way an Alternative form of succession beside your preferred one is a must have. One of the most time consuming parts in the whole process is the part of getting the idea until the stage were it is going down on the paper. In this stage different advisers have to be contacted, all necessary persons have to get involved and consulted. The stage after it is requiring some time too, but the most has to be invested until the idea stands.
When you and your team is gathering already ideas and information it is a good time getting different ways on the table and choosing two or three which are suiting best. It is a good approach continuing with more then one idea of succession and taking them to the next step in your planning process. First of all you never know if the one right idea will make it until the end or when going through the half process spending time, energy and money when realising the first right idea turns out that it is not fitting. Then your whole process turns back to step one and everything starts more likely from the new.
If you are going in the next steps with two or three different approaches of your succession, then you will have the choice at a point when more detailed information are laying in front of you. Also you will be provided with different forms of your succession and can prioritise your favourites. Why you are not having a favourite succession plan, alternative one and two.
In this case not all three approaches have to make it until full succession plans which are reaching the stage of finalizations.
By doing so you are doing once the full work. When figuring out after your succession plan is ready that you will need an alternative, then you will have to go the length of your first walk a second time. Questionable is if you will get the same ideas as during your first attempt, maybe you are under a great pressure while doing it the second time. This pressure could influence your creativity and maybe as well your judgments.
You are an entrepreneur, as we are discussing here business succession, so invest also for this topics your resources smart and go out in your succession planning with a full detailed priories plan and a alternative. Maybe with two alternatives are even better. The amazing thing about future is, we never know what will happen.
This alternatives are not wasted, because if your business is growing and evolving your succession has to undergo the same process. When your succession plan has to evolve maybe one of your alternatives is then the one to priories. But at least you have two or three strategies on which you can build, instead of one.
The chance that one fails is greater then that all two or three will fail.
After reading this, ask yourself do you have an alternative?
Which scenario is describing your situation best is not necessary to the subject of having a plan b, because in all named once and some more it is more then helpful to have a plan b in your succession.
Before we are going forward I want to say the following, congratulation. Congratulation dear entrepreneur and business-owner for thinking about your succession and setting up the right plan for your firm.
Alone with the decision to set it up you are a great example of business-owner which are taking the journey on of passing your firm along to the next generation.
The following will be provided to offer help in doing your Succession Planning right, it can be quite frustrating when having done your succession plan when it is turning out that it does not work because a back-up plan was not considered.
Succession planning alone requires quite a portion of energy and time, this is the reason why it should be done the right way when doing it. For doing it the right way an Alternative form of succession beside your preferred one is a must have. One of the most time consuming parts in the whole process is the part of getting the idea until the stage were it is going down on the paper. In this stage different advisers have to be contacted, all necessary persons have to get involved and consulted. The stage after it is requiring some time too, but the most has to be invested until the idea stands.
Why is considering from the beginning a plan b helpful?
When you and your team is gathering already ideas and information it is a good time getting different ways on the table and choosing two or three which are suiting best. It is a good approach continuing with more then one idea of succession and taking them to the next step in your planning process. First of all you never know if the one right idea will make it until the end or when going through the half process spending time, energy and money when realising the first right idea turns out that it is not fitting. Then your whole process turns back to step one and everything starts more likely from the new.
If you are going in the next steps with two or three different approaches of your succession, then you will have the choice at a point when more detailed information are laying in front of you. Also you will be provided with different forms of your succession and can prioritise your favourites. Why you are not having a favourite succession plan, alternative one and two.
In this case not all three approaches have to make it until full succession plans which are reaching the stage of finalizations.
By doing so you are doing once the full work. When figuring out after your succession plan is ready that you will need an alternative, then you will have to go the length of your first walk a second time. Questionable is if you will get the same ideas as during your first attempt, maybe you are under a great pressure while doing it the second time. This pressure could influence your creativity and maybe as well your judgments.
You are an entrepreneur, as we are discussing here business succession, so invest also for this topics your resources smart and go out in your succession planning with a full detailed priories plan and a alternative. Maybe with two alternatives are even better. The amazing thing about future is, we never know what will happen.
This alternatives are not wasted, because if your business is growing and evolving your succession has to undergo the same process. When your succession plan has to evolve maybe one of your alternatives is then the one to priories. But at least you have two or three strategies on which you can build, instead of one.
The chance that one fails is greater then that all two or three will fail.
After reading this, ask yourself do you have an alternative?
