Planning for Changes in Work & Life
Every Iconic founder should undertake the personal and complex process of building a roadmap for establishing a legacy that lives on beyond their day to day involvement. Know the Stats:
70% of Family Businesses Don't Survive into the 2nd Generation
53% of family owned construction firms are in the first generation
32% of Construction owners prefer family continue to run the business
23% of Family Owned Businesses have a Formal Succession Plan in Place*
Understand your options:
Asset Purchase · Generational Transition · Management Buy-Out · ESOP
Know how to explore the different possibilities when the time comes.
Discovery Process -> Feasibility -> Roadmap -> Preparation -> Execution
Successful transitions in leadership are just like any good construction project. You work through the conceptual plan, design, build out, finishing, etc. Key requirements include:
Understanding The Current State: Examining Where You in Relation to Where you Want to Be
Assessing the Options: Understanding Key Exit Strategies and Financial Considerations of a Transition
Creating the Roadmap: Planning Your Story, Your Strategy, and Your Timing: Five Minutes or Five Years
Preparing Your Business: Establishing Systems and Processes to Navigate Transitions of all Kinds
Executing The Plan: Developing or Finding the New Leaders and Maximize The Enterprise Value
If you're interested in learning more, please connect with us at susan@susanhayesenterprises.com to chat about our succession planning and business transition practice.
*Statistics come from PWC Family Business Survey, FMI OTMS Study, and The Family Firm Instiitute.