18 MiMfg Magazine May 2021
Premium Associate Member
Five Key Steps to a Successful Transition
By Vincent Mastrovito , CEPA • Prometis Partners
No transition is simple . Most , if not all , are complex . But a successful transition delivers . It increases revenue , cuts costs and boosts customer satisfaction . It also frees up critical resources you can use to shore up activities designed to create a sustained competitive advantage and , given today ’ s hotly contested marketplaces , creating a sustained competitive advantage is imperative if you want to survive .
Executing A Successful Transition
The key to pulling off a successful transition is to do five things :
1 . Create your vision for a successful transition 2 . Secure senior manager commitment 3 . Determine organizational readiness 4 . Anticipate organizational risks 5 . Define successful transition
Once you have identified the barriers and blind spots , you obviously need to address them . Your goal is to create an effective situation that can grow and change with your company and seeking an independent family business consultant can be a great way to create that foundation .
Create a vision for a successful transition
1 Failing to create a comprehensive vision for your
own succession is among the top mistakes in transitioning . Without a clear vision , stakeholders may see the effort as a cost-cutting measure . If that happens , your transition may fall flat .
Secure senior manager commitment
2 This is a key early step . Employees will only
commit to change as they see senior leaders do it . You can secure senior manager commitment by demonstrating the benefits of outside consultant engagement . To encourage commitment , show senior managers what ’ s possible once the transition is executed .
Determine organizational readiness
3 Assessing readiness is among the transition ’ s
most critical steps . Assess the organization from technical , mental and cultural standpoints . Then set realistic expectations and manage them actively . When setting deadlines and goals , under promise and over deliver .
Anticipate organizational risks
4 Organizations are vulnerable during transitions .
Develop a plan for overcoming the risks involved . A key element of this plan is a strategy that deals with loss of control issues — both real and imagined .
Also , be on guard for a possible decline in performance and baseline services during the transition — a plan to handle these changes helps .
Define successful transition
5 Even if your transition moves ahead as scripted ,
it may not achieve the business outcomes that some expect . Avoid this problem . Define what success is and how it will be evaluated both quantitatively and qualitatively . Active and accurate measurement , including establishing key benchmarks for success , should be done both during and after the transition . Reporting keeps everyone on the right track and in the loop .
Transitions are always challenging . Most are complex undertakings that leave your business vulnerable when occurring . But once completed , they deliver enormous benefits .
If all this sounds daunting , working with an experienced service provider that has a proven track record increases your chances of executing a successful transition . So , don ’ t be afraid to tap this expertise . 6
Vincent B . Mastrovito , CEPA , is a certified exit planning advisor as well as the founder and president of Prometis Partners . He may be reached at 616- 622-3070 or vincent @ prometispartners . com .
Prometis Partners is an MMA Premium Associate Member and has been an MMA member company since September 2018 . Visit online : prometispartners . com .