Exit strategies help streamline the process when owners and key employees decide to leave, sell or retire to ensure a successful transition to new ownership.
How it works:
CONNSTEP offers Succession Planning workshops in either half-day or full day sessions. We review a variety of exit strategies with you and the advantages and disadvantages of each one.
A first level Succession Action Plan is developed in collaboration with you and follow-up meetings are scheduled to ensure accountability to the plan. Part of the process includes the drafting of Current and Future state organizational charts.
Challenges it addresses:
Succession planning is suited for owners and key employees planning to exit, step down, sell, or retire from the business. It is also applicable for manufacturers who:
- have an aging workforce and no plan in place to replace them
- are unprepared if key people with significant business or “tribal” knowledge left the business and took that knowledge with them
- lack organizational development plans for underperforming employees
- have employees seeking dedicated career paths or opportunities to grow and develop
Impact & Benefits:
- Improve leader confidence because there is a solid plan for the future
- Reduce vulnerabilities due to pending retirements
- Development plans for bringing underperformers up to speed
- Development plans for high potential employees to maximize and retain them
- Rightsizing and restructuring the organization to maximize effectiveness and opportunity
- Ownership can comfortably retire, sell or transfer the business