Leadership development and strategy need to be addressed when determing who can take over a company and how to transer ownsership.
Determining who can take over a company and how to transfer ownership are the most obvious questions to ask when contemplating the sale of a contracting business. However, to ensure the ongoing health of the company after the transfer, other critical issues need to be addressed as part of any succession planning.
In most cases, business succession planning begins with a business owner contemplating an exit strategy. This presents questions regarding who can run the company and how to sell the firm. Answering these questions is important to business succession. However, our experience has shown that a successful business succession plan requires answering a much broader range of questions. This is because succession is not a single event; it's a process that impacts every part of the business, including its profitability, and ultimately changes the company culture. Thus, business succession planning should address much more than who will be the future owners and how the current owners will remove their capital.