Strategy Succession Advisory-boards HR

Succession Planning and Development

Succession Planning and Development

The primary objective of a Succession Plan is to assist the business owner(s) to determine the optimal business scenario for transitioning the business to new owners(s) and developing a plan – like a road map - to transition the business ownership under new leadership. The most common exit strategies include passing-on the baton to family members, managers and employees, an external party or exiting through an IPO (initial public offering).

Most consulting projects for succession planning is concentrated on the legal and fiscal aspects of succession. While legal and fiscal matters are crucial elements of succession, leadership change and leadership development are the most critical steps to assess for a successful succession.

This is particularly sensitive when succession is aiming to pass the leadership of the company to a younger generation. It is not easy for parents to evaluate and assess their children for leadership. This is where our long experience comes into play. Without loosing our independence, our first step is to create an environment favourable to all parties by being unconditionally constructive with respect to relationships, ownership and management positions by separating their relationships from the issue of transition. We focus on the need to maintain strong leadership in place, so that the business continues to perform well.

To achieve this objective, we…

  • Recognize and deal with emotional aspects of decision making
  • Design and manage the process
  • Add perspective, gather and assess information and provide suggestions for options that will add value
  • Use experience and know-how to offer solutions
  • Acts strategically towards achieving meaningful and practical agreement for all stakeholders
  • Coordinate – when necessary – advisors work (legal and fiscal)
  • We use external tools like BIRKMAN for behaviour and insights assessment
  • Provide training, coaching and skill development as need be

For more on succession planning contact us for a complimentary consultation. (info@hughlatif.com)

"We would like to express our appreciation for your professional expertise and manner in dealing with our on-going transition plans. The plan is easy to follow, and you have instilled the needed confidence to the next generation to be able to take on our business."

Gerald and Trudy Schuit
President and Vice President

Maverick Leadership

Are you an entrepreneur who wants to grow your business? A business manager who wants to get promoted and move up the corporate ladder?

"As iron sharpens iron, so one man sharpens another."

Proverbs 27:17

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CALL US

(416) 229-0520

Location

400 Applewood Crescent, Vaughan ON

EMAIL

info@hughlatif.com