Management
the operation from an impartial buyer’s perspective
Some sole proprietors and partnerships start succession plan-
ning by stating outright that no relatives are allowed to work in
the business. Just making that decision is the first step to a
successful business transition and a peaceful family life.
There is not a "one size fits all" approach to succession plan-
ning—what works in one organization may not work in another,
given different contexts, cultures and resources. Moreover, an
ap proach may evolve over time as an organization learns what
works and what needs to be improved.
The Government of Canada Succession Planning and Manage-
ment Guide (bit.ly/2roHjgo) and Robbinex Intermediaries
(robbinex.com/) are good places to start for understanding suc-
cession planning. Both websites are well organized, informative
and link you to other credible resources.
The government site goes through the steps of developing pools
of talent to fill key positions that are critical to your business. It
outlines how to develop a succession plan, including how to fill
your business with skilled and competent employees.
A plus for the Robbinex site are sixteen authentic case studies of
troublesome inter-family business transitions. There’s also a tab
which provides fourteen alternatives to selling your business.
Caterina Valentino, PhD, is an Instructor at the Ted Rogers School
of Management at Ryerson University and the Faculty of Health
Disciplines, Athabasca University. She can be reached at
[email protected].
@graphicarts
Follow these steps and make a plan
Doug Robbins of Robbinex, has this advice to kickstart your
succession planning
Be prepared for constant change and dealing with the
unknown.
Plan for what you are going to be doing in five years and
ten years.
Plan for where your business needs to be in five and ten
years.
Develop broad goals and SMART (specific, measurable,
attainable, realistic, time-sensitive) objectives to attain
these plans. Include operational, financial and personal
goals.
Break your plan into quarters and diligently monitor prog-
ress every quarter.
Are you on track? Are revenues and expenses in line? Are
your personally where you wanted to be? Where are the
variances? Adjust as required.
Successful succession planning is about managing change
now for the future. It’s realizing that the attitude of a twenty-
two year old entrepreneur is different from one that is
thirty-five years old, in a relationship and with children.
If you missed succession planning when you opened your
business, now is the time to begin. If you don’t plan, some-
one or some event will do the planning for you.
GRAPHIC ARTS MAGAZINE | February 2018 | 21