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The Succession Process

Start dealing with the question of succession well ahead of time. To help you find your way through the process, it can be broken down into five phases.

It usually takes several years to manage a succession process. As a strategic partner for your company, we offer you the experience we have gained from many succession processes in the past. We break the process down into five phases:

 

The Succession Process: Initialization, Options, Preparation, Handover, Implementation

The Five Phases of the Succession Process

Phase 1: Initialization

The sooner the subject of succession is openly discussed, the more room for maneuver there will be for organizing the succession. This is why it is best to start when the entrepreneur is still at the peak of his or her abilities.

Phase 2: Options

In most situations, it is advisable to discuss needs relating to succession with the stakeholders (family, management, employees, external providers), and to develop several options that are sound and feasible.

Phase 3: Preparation

Individual steps need to be taken to prepare the company and the people involved for the succession, the decision on which option to implement is often taken at this stage.

Phase 4: Review

A smooth handover ensures continuity and success. In a longer transition phase, you move from being the boss to being a coach. Together with your successor, you determine your role throughout this period.

Phase 5: Implementation and Conclusion

The succession process is not completed until the entrepreneur has left the company. A date must be set for this to happen. The entrepreneur's future outside of his or her company also needs to be planned and structured.

Order our free publications on succession management here .

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We're always here for you, and that's on a personal level too. To arrange a personal consultation or to discuss your questions about succession, call us toll-free on 0800 88 88 74* or use the contact form.

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