Most people think of succession planning as the retirement of a leader seeking to replace their role with a new person. At Quest, we strive to understand the existing positions of the entire leadership team, the processes of all of the critical functions of the business, and the missing pieces that would make the company more valuable in the process. Our succession planning is typically focused on the internal team and the family members involved with the business as well as what possible new roles could be recruited for.
Business continuation is at the heart of succession planning as the sustainability of the business is where value exists. Succession planning should be inclusive of the entire company and the future of the company not just the individuals.
Business succession planning strategies continue to evolve around the leaders and owners of the firm, who quite often are why the business is thriving. Still, critical man risk is present due to undocumented processes or their strength not being replicated within the company. The weakness could easily be exposed if health issues were current, as the business could be hard to perpetuate or sell without the owner or leader.
As part of our Explore service – Quest’s succession planning advisors partner with your financial wealth advisory firms, your CPA firm where applicable, among other succession planning advisors you might have as part of your team. Quest anticipates a ten-time return on your investment as part of our service.