REAL ISSUES. REAL ANSWERS: Planning Your Company’s Future

“My daughter has taken over as president and majority stockholder. She and my son-in-law now run the company. I work for them.”

“Our previous succession plan was based on the length of service at the company. We are now trying to get outside talent and plan transitions based on opportunity gaps in talent, and putting the best minds in the right place at the right time.”

“Our company is owned by two business partners. If one partner can no longer perform his duties, the other partner along with our store manager (myself) will take up his role and responsibilities.”

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“We are investing heavily into training, at the expense of advertising, to start building our future leaders. My belief is that the best-trained people create a future that is far stronger than something we can draw from advertising.”

“This has been discussed due to the health of our current owner, but planning has not begun.”

“Succession planning—yes. As for transition planning—no.”

“There are no third-generation family members in the industry or currently interested in entering it. The property on which we are situated is worth considerably more than the business itself. We have survived heavy local competition, most of which did not survive, and the arrival of multiple chain stores, but I expect this to be the end of the line.

“I hope the eventual dissection of the business and property does not lead to a fiasco of lawsuits, in which only the lawyers profit.”

“In the process.”

“We need to do this.”

“I would say we do have some plans in place but no real structure behind it.”

“Sell it and run!”

“Currently our third- and fourth-generations are active in the company. We have already transitioned management roles and ownership to the fourth generation. We have a buy/sell in place between the fourth generation leaders and are starting to work on the next transition of leadership/ ownership. We have a substantial number of managers retiring within the next 5-10 years. We have plans in place for some but not all positions.”

“Yes—for the Chairman, President and CEO roles. Not so much for other executive level positions.”

“The current owner has had health issues for the last two years. When asked about the company’s future if something should happen, he says we’ll have to figure it out when something happens. Owner’s wife doesn’t care for the business. Don’t know where that leaves everyone.”

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