BUSINESS SUCCESSION PLANNING
 

It is never too early to begin planning for that eventual business transition whether you are transferring your business to a family member, selling it to a third party or transitioning to the next generation of leaders in your organization. The Abbey Group offers succession planning assistance for organizations and closely-held businesses, helping you develop the plan that will sustain and grow your business through these important transitions.

Abbey services include:

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Strategic Planning
Defining strategic position and articulating the strategies and goals for growth is an important first step in succession planning. Identifying the course for the future will set the stage for the next steps in the succession planning process.

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Leadership Development
After articulating the business's future course, it is important to identify the qualities required of leadership to attain that future. How many of the candidates are currently employed in the company? Are there natural successors that need to be mentored or groomed in important leadership skills? A leadership plan to address these issues and to clearly identify the role of the retiring principals and other key employees can be developed to effectively guide the transition.

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Board Role
Reviewing the vital role the board of directors or an outside advisory board can play before, during and after a transition is crucial to the process. Improving the effectiveness of the board or guiding the creation of an advisory board is an additional advantage of leadership development.

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Communication
A comprehensive communication plan includes the process, steps and timeline involved in communicating the succession plan.

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Written Succession Plan
This is the roadmap that will guide each business. The succession plan is the tool outlining all of the steps and timelines required to transition your business or organization. Succession planning clients have shared the following about their experience with The Abbey Group:

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A practical nuts-and-bolts, common-sense approach to difficult and sensitive issues.
The program worked towards the final goal of completing a succession plan. It answered step-by-step the steps needed. The sessions made us think and come up with answers to difficult questions.

For more information on our Family Business Services, please visit our companion site, Abbey Legacy Management or contact Sandra McNeely.