Family Business Transition Planning

Helping you choose “what’s next” for you and your business

You have put your heart and soul into your business building it to become successful.  We prefer to use the phrase “transition planning” instead the dreaded “R” word or the “Exit” words.  Transition planning is defined as “moving from one position or stage to another”.  There is a sense of adventure and expectant hope embedded in this phrase that should fuel your desire to begin as early as you can - say 5-10 years before the actual date of full transition. 

Some questions for you to ponder …

  1. Can you picture what your life will be like once you are finished building this business?  
  2. What does the business look like once you are finished building it? Be specific.
  3. Have you thought about what is next for you?
  4. Do you wish to continue building family wealth once you are no longer in the business? 

You will sell your business someday … either voluntarily or involuntarily.  Which do you think will be harder for you?

Leadership and Mentoring

Helping you empower and align your leaders

Most small business organization’s shareholder value today is largely driven by the “intangibles” and many of these factors are in the hands of your leaders, the most important of which is your company culture and values.  Competitive pressures and technological improvements mean you must always work hard to stay ahead to protect this intangible value. Just as important, executing well in today’s environment requires unique skills that likely haven’t been taught or practiced by some of your leaders, even your seasoned ones.

It might be time to reflect on where each member of your leader team might need developing or mentoring by asking some of these questions:

  1. What are their key strengths and how well and often are they practicing and developing these?   
  2. How do they hold themselves accountable first, and then how do they hold their teams accountable?   
  3. How complementary are these strengths and how consistent are the accountability processes, across the leadership team?  
  4. How well do they understand how true shareholder value is created?  That is, how well do they understand the “intangible value” of your organization? How are they protecting and building this value?

Project Management - Accounting and Finance Teams

Helping you transition your team to become essential business partners

There is no shortage of demands placed on your finance and accounting teams, as they attempt to keep pace with major technological, environmental, regulation and compliance changes happening in Canada and around the world today.  They also face pressure from other departments as they try to adapt to increasing client demands and new competitive pressures.

Ask yourself the following as you reflect on your finance / accounting team - whether you have one person or a team of people working in this area:

  1. How well do they interact with other departments, especially the client facing ones?  How strong are the relationships among these departments?
  2. Do you have someone responsible for identifying and delivering the key improvement projects within this department that have been discussed in the past?  What is getting in the way of executing on these?
  3. How quickly do you close your month-ends and have management / owner reporting available?  Has this duration changed over the past few years?
  4. How often does this team deliver “actionable insights” to you and your leaders, rather than only producing the typical monthly profit/loss reports and compliance reports that have not changed in recent memory?
Are you ready to start planning the future of your business?