Drafting a Dream Team for Strategic Succession Planning

Posted by Jeff Jones on Wed, Apr 18, 2012 @ 11:04 AM

Author: Jeff Jones

Having the Right Advisory Team is one of the Most Important Aspects of the Exit Planning Process

A privately-held business is typically the largest asset that an owner or family will possess and the primary source of income for the owner and family. The business is a means for paying bills, as well as accumulating and transferring wealth. In addition, it’s a source of pride / legacy for the owner in terms of product, company, and employees.

Over the next decade, millions and millions of business owners will be seeking to exit their business, and monetize that asset to produce the lifetime income they need to support the lifestyle they’ve dreamed about. However,  the sad reality is that most will fail in achieving this goal for lack of a sound exit strategy and proper planning. In fact, according to the ROCG 2007 Survey of Business Owners, the average business owner spends 80 hours annually preparing an annual business plan and only 6 hours in total preparing for their exit.

Exit planning requires owners/businesses to assess readiness on multiple levels: financial, mental and Business Readiness. In future posts, I’ll be talking about each of these, but today, I’d like to talk about the “foundation” piece for exit strategy and planning – assembling the right advisory team.

Having the right advisory team is one of the most important aspects of the planning process and ultimate execution.  Putting this team together should not be approached informally by asking for the help of friends and relatives – it’s critical that you surround yourself with experts - the best of the best!

In fact, we recommend that your team look like this:


strategic succession planning


Each player on your team has specific roles and responsibilities. At its center is an overall strategic advisor or quarterback/coach that can bring all of the pieces together and help you manage the complexities involved in making the transition.

The process of planning for the management and financial succession of business ownership and control needs to be built with specific focus on the personal goals and time frames of the owner(s), and the responsibilities to the on-going organization and its employees.

It all starts with getting the right team assembled.

For a confidential discussion of an exit strategy for your business, please call me at 585-820-0460, or contact us here.

Tags: Strategic Succession Planning, Succession plan, business succession planning, business exit strategies, Jeff Jones, Succession planning, succession planner, exit planning