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Board & Company Succession

  • Family-owned businesses
  • Private/closely-held corporations
  • Professional practices/professional service firms
Family Business - Succession Planning Status Check

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Professional Practices – Governance & Succession Status Check

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Succession planning is essential to boards of directors, family businesses and professional partnerships.

Effective Governance and Succession Planning

Effective, meaningful governance
It’s a common misconception that only large businesses and organizations need a governance structure. In fact, family-owned businesses, closely-held businesses and professional practices can all see significant benefits from a governance structure that is tailored to their specific needs. Board Dynamics can help you define those needs and has years of experience in developing effective responses to the unique challenges you face. Our firm can help your firm:
  • Balance authority and responsibility.
  • Support rational, benefit-based decision making.
  • Develop appropriate policies.
  • Resolve conflicts and control issues.
  • Develop/affirm healthy organizational cultures.
  • Develop effective governance structures such as boards, advisory boards, partnership boards, owner’s councils, or family councils.

Succession planning - continuity and business value

It has been said that succession planning should start the day you open the doors of your business. In reality, few business owners and professionals have time to consider succession planning until they begin to think seriously about selling their business or practice – or passing it on to the next generation of family members or partners.

These decisions typically involve much more than dollars and cents. Owners and principals who have invested years of hard work and dedication want to see what they built continue to grow and prosper.

In a family business, family dynamics can create a host of challenges and conflicts. The situation is inevitably complex, especially when the never-ending demands of running the business or dealing with clients is added to the mix.

Professional service firms also experience change during succession, particularly regarding partners, those on the verge of retiring and potential new partners. Well-planned succession ensures talent development, respectful and flexible exit plans, attention to client retention – an overall orderly transition.

Board Dynamics understands the dynamics and challenges of the family business, professional practice and the closely-held corporation. We can help you to:
  • Start and to organize your succession planning – lay out a succession roadmap designed to ensure smooth transition for all parties concerned.
  • Gather information for good decision-making – take the time to assemble the relevant information and input.
  • Address the ‘soft issues’ and manage conflict – identify potential conflicts and personal concerns that can sidetrack or derail succession, then lay out plans to mitigate the negatives.
  • Set up a corporate board, advisory board, a partnership board, an owner’s council or family council – create a solid governance base that will support and smooth the transition, while adding significant value for new owners, partners and management.

Orderly, positive transition

A smooth transition to new ownership is in everyone’s best interests. The key lies in thorough, comprehensive planning. While most business owners and professionals understand the need to plan, the challenge is always finding the time. Commitments to clients and customers always come first, often leaving little time and energy to think about succession.

Board Dynamics can develop a structured succession approach that considers all the variables and outlines efficient, effective ways to deal with them. While you devote your attention to your business or practice.

Board Dynamics can help you:
  • Plan an orderly ownership and management transition - whether to family members, partners, employees, a third party or any combination.
  • Facilitate conversations and meetings with your key stakeholders – the people with a vested interest, such as business partners, family members, senior management, your lawyer, accountant, insurance agent or financial adviser.
  • Develop a mentoring plan for next generation ownership and management – ensure that continuity is maintained and the full value of the insights you’ve gained while building and running the business are retained in the business or partnership.
  • Plan your exit strategy to your next stage of life – develop a concrete plan so you are not stepping away from your business or practice, but walking towards a positive, productive future that’s defined on your terms.

Board Dynamics can sit down with you, talk about your situation and discuss how we could help. Give us a call or drop us a line today