Where do you begin in bringing new owners/partners into your company? This tool offers some over-arching business succession planning considerations. It also describes recommended criteria for choosing your next generation of owners and leaders. (3 pages)
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Business Succession Planning
Most stock programs that involve bringing in new partners also involve leadership transitions as well – it is imperative that new owners receive training so they can be effective in their roles as leaders.
New owners should have the opportunity to expand their management roles as well – so that people see them as having greater authority over the direction of the firm.
In advance, the current owners need to bring new owners – or prospective owners – into the firm’s decision-making process.
Ownership does not necessarily mean management. The Board of Directors should be elected to make decisions. The chief executive should still be selected by the Board, not by all owners.
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