Business Succession Planning

Most of the meaningful discussions concerning ownership of a business will be considered to be critical conversations. A critical conversation is one where a meaningful exchange of information or opinion occurs. Often there is an emotional context to the conversation.

 It is very common to find that owners either avoid critical conversations or have difficulty conducting effective critical conversations. It is a skill which much be learned to plan effectively.

 In Chapter 3 of Business Succession Planning there is an explanation of the methodology of conducting the critical conversation. Once this skill is mastered – and it does take some practice – owners can engage in critical conversations as a part of making good decisions in planning.

Business Succession Planning

Chapter 2 of Business Succession Planning deals with the planning process and how it involves the owners of a business. Most importantly it deals with how the advisor must control the owner’s expectation of what the planning process will produce.

Business Succession Planning

Business Succession Planning Forms and Practice Manual was written by Rick Riebesell to aid the advisor facing a client’s business succession problem.

What is it that enables the successful business advisor? Initially the advisor must facilitate a meaningful ownership group articulation of the business goals and needs. The advisor must motivate and facilitate the owners to do the hard work of planning, including implementing actions to accomplish goals. The advisor will perceive systems in the business and anticipate the effect of these systems. One system always present is the family system. When the elements of the business change the systems will change – that effect must be anticipated.

As Chapter 1 of Business Succession Planning describes, the process of planning provides a structure for the listening and thinking that will differentiate the successful advisor.