For many business owners, succession is a once-in-a-lifetime event. It is full of emotional and relationship issues, not only for the owner, but for family, employees, customers, and suppliers. It is frequently the last and often most-remembered relationship activity they will have with the business. Despite its importance, succession is almost always started too late, under-planned, and poorly executed.
DVIRC’s approach to Succession Planning begins with understanding and articulating the owner’s expectations. Plans for the future must be addressed, including the owner’s vision for the future, the role he or she will play, if any, in the future of the business, expectations of a revenue stream from the business, and the timeline for the exit.
