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Everything You Need To Know About Selling Your Successful Business

Let an Expert Guide You to the Highest Profitability

Succession Planning has a few different meanings. It can mean assessing the key areas within your company and putting a plan in place should something drastic happen – something that could negatively affect your efficiency, profitability, and ability to meet customer’s demands. For example, if your senior marketing executive leaves your employ without notice, can your associate marketing executive step in to cover the position without disrupting service?

Succession Planning is also key when it’s time to sell your business. It guides you in determining how much your business is worth and how to get top dollar for it in the sale. It also dictates the transition plan from your ownership to your buyer’s new proprietorship of the company. This type of planning is also needed if you decide to retire but want to maintain ownership. How do you prepare your successor to keep your  company solvent and operating at the level to which you brought it?

Why Do I Need a Business Coach for Succession Planning?

Laura Wagenknecht of Mosaic Business Consulting has been working for many years with businesses looking to either shore up potential holes in key positions or transition to a new owner and leader. As a business owner, you need a clear plan to mitigate any negative impact that may come from a change in a key position. Think of it as insurance for your business’s health and longevity when the inevitable happens. And if you are selling your company, Laura is the person you want guiding you through the process and ensuring you get everything you deserve from the blood, sweat, and tears you put into creating and growing your business into the success it is today.

Contact Laura to learn how she can help you with the succession planning of your business:

SPEAK WITH LAURA

FAQ FOR COACHING ABOUT SUCCESSION PLANNING

What is “succession planning”?

Succession planning is the process of identifying the critical positions within your organization and developing action plans for individuals to assume those positions. In short, it is a process to create a plan to ensure the business is sustainable and has value with or without you!

How do I know when it is time to start creating my succession plan?

A succession plan should be created at the launch of your business or soon thereafter. It is the roadmap you will follow to ensure the business has a long-term plan for leadership and growth. The biggest mistake small business owners make is building the business around themselves. Succession Plans ensure you are consistently putting processes in place to ensure the business can run without you. Additionally, a succession plan gives you peace of mind as you will know what your end game is and how you intend to get there,

What are some of the ways I can use a coach when creating my succession plan?

A business coach can help you decide when it is time to write your succession plan, can evaluate your plan and can point out possible challenges ahead. A business coach can also help you decide if you are mentally and fiscally ready to sell, pass down or close your business, when the time is right.

How long is a typical coaching engagement?

The length of engagement depends on the needs and the complexities of your business. You may want to hire a business coach to create your succession plan, to see the business through its transition or to continue supporting the business under its new leadership. It all depends on your personal goals and the needs of the business.

What is the typical investment for coaching?

I offer my services by the hour, by the project or as a retainer of hours, depending on the needs and complexities of your business. After our initial consult, I will prepare a custom proposal based on your needs and goals.