The Succession Solution

What led Bradley J. Franc to the path of becoming one of the countries most revered succession planning experts? Brad recently recorded a podcast with the magnificent Jamie Minton from LeaderPass. So let's get to know Brad, and The Succession Solution, a little better... #leaderpass #succession #familybusiness

The musical chairs of succession: At LVMH, Bernard Arnault continues to shape the future of the luxury empire by strategically positioning his children in key leadership roles. The latest move? His 30-year-old son, Frédéric Arnault, stepping in as CEO of Loro Piana. How does your business prepare the next generation for leadership? Let’s discuss! #LVMH #LoroPiana #FamilyBusiness #Succession

Tip from The Succession Solution masterminds: When leaders are transitioning, one of the pillars that is crucial to focus on "Knowledge Transfer". This involves not just passing on responsibilities but also sharing insights, experiences, and the nuances of the role that only a departing leader can provide. Remember the following: - Document Key Information: Begin by listing down critical tasks, projects, and contacts. This tangible information forms the backbone of the transition. - Share Intangible Knowledge: Discuss the less tangible aspects, like organizational culture, unwritten rules, and key relationships. This helps the incoming leader navigate the workplace more effectively. - Establish a Mentoring Period: If possible, allow an overlap period where the departing leader can mentor the successor. This provides a safety net during the initial phase of the transition. - Encourage Open Communication: Promote a culture where questions are welcomed, and knowledge sharing is continuous. This eases the successor into their role with confidence. - Review and Feedback: Regularly check in with the new leader to address any gaps in knowledge and offer support. Bradley J. Franc talks about the crucial aspects for a smooth business transition during The Succession Solution Course modules. This course provides the tools, and the knowledge for advisors, across many genres of business, to help their clients plan their business exit strategy using a thoroughly proven process. Contact us: [email protected] to learn more about this course, or click below. https://lnkd.in/dU_yEHsu #successionplanning #CPA #businessowner #businessadvisor

Why would you hold back on prioritizing your succession plan development? Well it turns out there are several reasons why business owners may fail to develop a succession plan. Here are some of them below - do any ring true for you?: Procrastination: Many business owners may put off succession planning because they are focused on day-to-day operations or believe they have plenty of time to plan for the future. As President Eisenhower stated, the urgent is seldom important the important is seldom urgent Lack of Awareness: Some business owners may not realize the importance of succession Perceived Expense: Some business owners may view succession planning as a costly process and may be hesitant to invest time and money into creating a plan. Lack of knowledge: Some business owners may not have experience with succession planning, and may not know where to start or what steps to take. Fear of loss of control: Business owners may be reluctant to give up control of their company, even if they know that a succession plan is necessary for the long-term success of the business. Family conflicts: Family-owned businesses may face unique challenges when it comes to succession planning, including disagreements over who should take over the business or how it should be managed. Financial concerns: Some business owners may be hesitant to spend money on succession, legal or financial advisors to help them develop a plan. Lack of suitable successor: Finding a suitable successor who has the necessary skills, experience, and passion to lead the business can be a challenge, and some business owners may delay planning until they identify the right person. Health issues: Business owners may not plan for succession due to a belief that they will be able to continue working for many years, but sudden health issues can make it difficult or impossible to continue working, leaving the business in a vulnerable position. Overall, succession planning can be a complex and emotional process, and it's important for business owners to overcome these challenges and prioritize succession planning to ensure the long-term success of their business. Contact us to get the ball rolling for your business [email protected] https://lnkd.in/dUxcvtZ8

Posted on TikTok by The New York Times, here is an example that supports the number one reason why family business fail to the next generation; the lack of effective communication and trust. #RupertMurdoch #FoxNews #familybusiness #successionplanning

What a highly acclaimed list of names to stand amongst... If you haven't read Bradley J. Franc's book yet, we cannot recommend it highly enough... and neither can BiggerInvesting.com. #successionplanning #familybusiness #privatebusinesses

Successful succession planning requires a clear process. Succession planning is most effective when approached as a structured process rather than a last-minute decision. Research shows that the majority of successful transitions follow a defined framework, ensuring continuity and stability. Key elements of a strong succession process include: - Identifying critical roles and potential successors - Developing leadership skills and experience over time - Establishing a clear transition timeline - Ensuring legal and financial structures are in place - Communicating expectations with stakeholders A well-planned transition protects business continuity, retains key talent and minimises disruption. Without a structured approach, succession can become reactive, leading to uncertainty and risk. Following a clear process is essential for long-term success. Are you in a position whereby you wold like to find out more? Click below to contact us for your free consultation, or email [email protected] #SuccessionPlanning #LeadershipTransition #BusinessContinuity

Completing this week's video trilogy, showcasing Bradley J. Franc’s talk for YPO on his proven process and approach to succession planning, to help increase the value of your business and ensure your legacy lasts for generations. Please feel free to reach out with any questions or for any advice on this subject - [email protected] #successionplanning #familybusiness #privatelyheld #transitionplanning

And here’s Part 2 of Brad’s renowned speech for the YPO… well worth a viewing to reap the rewards from Brad’s years of experience, knowledge, and proof in the process. (Part 1 is on the post just below this one). Keep your eyes peeled for the final part coming on Monday. To contact us for transition planning advice, please contact [email protected] #YPO #BradFranc #SuccessionPlanning #BusinessOwners

Brad's speech at the YPO event in 2021 is legendary; for those whom haven't managed to reap the benefits of Bradley J. Franc's knowledge as yet, we would like to show this video again... In three parts within the next week. Here's part 1... To contact us for transition planning advice, please contact [email protected] #YPO #BradFranc #SuccessionPlanning #BusinessOwners