With the vision for your family and business established, it’s time to design a concrete succession plan. Here’s how to approach this: 1️⃣ Work backwards: Start with your end goal and map out the steps required to achieve it. Address any immediate challenges and anticipate potential roadblocks that may arise during the transition. Whether it’s leadership readiness, financial stability, or family dynamics, understanding the hurdles ahead will help you create a robust plan. 2️⃣ Consider the three subsystems: Every family business consists of three subsystems—the family, the business, and the owners. Your succession plan needs to support all three and ensure that each is prepared for the change. This involves setting clear responsibilities and roles for each member involved in the transition. 3️⃣ Plan for the long-term: Your business and family will evolve over time. Make sure your succession plan is adaptable to changing circumstances. Incorporate governance structures such as family constitutions, advisory boards, and regular strategic planning sessions to ensure the plan remains effective. In the next post, we’ll cover the importance of taking action and moving your succession plan forward. #successionplanning #businessstrategy #leadershiptransition #familybusiness #strategicplanning #businessgrowth #businessgovernance
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What’s Your Business Plan for the Future? Are you prepared for the day you step away from your business? Whether you’re planning to retire or dealing with the unexpected, having a clear succession plan isn’t just a safety net—it’s a strategy for long-term success. Succession planning ensures your business stays on course through transitions, protects your top talent by showing them leadership pathways, and preserves the legacy you've worked so hard to build. Plus, it significantly enhances the value of your business, making it more attractive to future buyers or investors. The time to plan isn’t "someday"—it’s now. A solid strategy today ensures that your vision, values, and hard work will thrive tomorrow. Ready to secure your business’s future? Let’s talk about how to make it happen. . . . . #SuccessionPlanning #BusinessStrategy #ExitPlanning #RizolvePartners
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A succession plan is a critical roadmap for ensuring the continuity of leadership and the preservation of a company’s legacy. With careful consideration of potential challenges and strategic opportunities, it equips businesses with the tools to navigate transitions smoothly. Learn how a succession plan can future-proof your organisation by reading the full article. #SuccessionPlanning #LeadershipContinuity #BusinessStrategy
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The Importance of Succession Planning Starting a business with your partner is exhilarating. You're building something together—a future, a legacy. But what happens when it's time to think about the future beyond the day-to-day grind? Succession planning is a crucial conversation that many couples in business avoid until it's too late. I've seen it countless times: two partners working tirelessly to build their company, but when the topic of exit strategies or passing the reins comes up, there's hesitation. The problem? Without a solid plan, all those years of work could end up in uncertainty. Maybe you're thinking, "We’ll figure it out later," but here's the reality: "later" always comes faster than you think. And the stakes are high when it involves not just your business but also your family and long-term goals. How do you navigate these waters without feeling overwhelmed or in conflict? It's not just about who takes over; it’s about ensuring that your shared vision carries on seamlessly, protecting both your hard work and your relationship. Do you have a clear plan for the future, or are you relying on hope and assumption? #TeamFusionInternational #CouplesInBusiness #StrategyAndPlanning #Leadership #GaeleneAdamsLove
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Many leaders overlook the importance of succession planning. In this Forbes article, Sarah Woods, C-Level Succession Advisor, Partner, BTS, shares three big stumbling blocks organizations typically face and how to overcome them. #StrategyMadePersonal #successionplanning #executives
3 Succession Planning Mistakes Your Company Can't Afford To Make
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Many leaders overlook the importance of succession planning. In this Forbes article, Sarah Woods, C-Level Succession Advisor, Partner, BTS, shares three big stumbling blocks organizations typically face and how to overcome them. #StrategyMadePersonal #successionplanning #executives
3 Succession Planning Mistakes Your Company Can't Afford To Make
media.bts.com
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Many leaders overlook the importance of succession planning. In this Forbes article, Sarah Woods, C-Level Succession Advisor, Partner, BTS, shares three big stumbling blocks organizations typically face and how to overcome them. #StrategyMadePersonal #successionplanning #executives
3 Succession Planning Mistakes Your Company Can't Afford To Make
media.bts.com
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Many leaders overlook the importance of succession planning. In this Forbes article, Sarah Woods, C-Level Succession Advisor, Partner, BTS, shares three big stumbling blocks organizations typically face and how to overcome them. #StrategyMadePersonal #successionplanning #executives
3 Succession Planning Mistakes Your Company Can't Afford To Make
media.bts.com
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Many leaders overlook the importance of succession planning. In this Forbes article, Sarah Woods, C-Level Succession Advisor, Partner, BTS, shares three big stumbling blocks organizations typically face and how to overcome them. #StrategyMadePersonal #successionplanning #executives
3 Succession Planning Mistakes Your Company Can't Afford To Make
media.bts.com
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Many leaders overlook the importance of succession planning. In this Forbes article, Sarah Woods, C-Level Succession Advisor, Partner, BTS, shares three big stumbling blocks organizations typically face and how to overcome them. #StrategyMadePersonal #successionplanning #executives
3 Succession Planning Mistakes Your Company Can't Afford To Make
media.bts.com
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Many leaders overlook the importance of succession planning. In this Forbes article, Sarah Woods, C-Level Succession Advisor, Partner, BTS, shares three big stumbling blocks organizations typically face and how to overcome them. #StrategyMadePersonal #successionplanning #executives
3 Succession Planning Mistakes Your Company Can't Afford To Make
media.bts.com
