Succession planning in an enterprise – a huge challenge
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At Caminada we gave ourselves a time span of 7-10 years to implement our succession plan. After 3 years we can already say that such time frame absolutely makes sense.
A succession plan is – first of all – a psychological issue and starts with two simple question. The entrepreneur has to be able to answer the question: “Am I really ready, to let go my firm or even my “lifetime achievement” and put its faith into other hands?” with a crystal clear “YES”. On the other side his successor(s) have to answer the question:” Am I ready to take over full responsibility for the firm, to give everything to keep it going and last but not least to take the risk and invest money?” with a “YES” of a similar dimension.
Because a – for most entrepreneurs – very important part of the life comes to an end, the challenge is so big. If you start early, there is a good chance, that you can find new perspectives and use your power and dynamics to invest them in new tasks or issues that are worthwhile. Therefore, you cannot start early enough, because if energy and joy are missing an orientation to new horizons might seem impossible, and the succession plan might stay an unfinished task. And furthermore, there is always a possibility that you might need a second try.
The most important points, that have to be determined:
The respective solutions have to be tailor made for each succession case. They have to respect the wishes of the retiring entrepreneur as well as the ideas and possibilities of the successor. They have to represent an optimised solution for both sides.
As we are amidst a succession process ourselves, we know the psychological challenges. And because there are successors and retiring entrepreneurs in our own firm, we can – depending on your individual situation – assign the right and fitting sparring partner. Because we have – besides our own succession plan helped several firms and entrepreneurs to get their succession on track, we know all kinds of different solutions for individual situations. At the same time, all the other issues involved, such as taxes and tax consulting, financial consulting and company valuation, are very well known to us. We can guide you with a holistic perspective to a balanced and harmonious solution.
We like this aspect as well as the fact that – in every succession plan – we can experience all stakeholders involved as holistic personalities. Due to our personal experience and our experience with client cases we can offer a comprehensive support. Many individual solutions are possible, from selling your company, a management buyout, buy in or a solution within the family or relatives. Step by step the fitting optimum has to be approached. This needs trust, a personal base, patience and a lot of goodwill of all parties involved. If achieved – that is our experience – a solution that produces only winners is in close reach.
Do you feel addressed personally by the topic as well as by our way to deal with it? Holger Wanke and Fabio Iovoli are looking forward to get in touch with you.
