Succession planning is a process for identifying and developing new leaders who can replace the old leaders when they leave, retire, or die. In business, it entails developing internal people with the potential to fill key business leadership positions.
Lets take a look at some of the statistics.
- Over 2/3 of the wealth in this country was created since WWII. Over the next 2 decades, members of this generation will die or retire, creating the largest transfer of wealth and business in our country’s history.
- Over 40% of all family businesses will change leadership in the next 5 years.
- Less than 1/3 of all family businesses succeed into the next generation. Less than 15% make it to the 3rd generation and less than 4% make it to the 4th!!
- As your partner in growing your business – we also want to be there to be your partner in turning your business over to the next generation. Here are just a few of the ways that we can help you make sure your transition is a smooth one.
- Contract Audits. We can go through your current contracts with carriers to ensure you are contracted properly to ensure your renewals will continue
- Operational Support. We have a team of professionals that can assist you and your staff to ensure you have the most up-to-date operational systems and that they are in sync with the industry.
- Valuing your Business. To properly value your business takes several steps and can cost thousands of dollars. Let us show you the steps you can take now to prepare for a proper evaluation.
Our main goal at Senior Marketing Specialists is to help agents succeed as they enter this market and also to ensure a proper and successful retirement from this business. You’ve worked your whole life to make sure your business is a success and we want to do everything we can to keep that going for you!
To request a Succession Planning Consultation or to find out more about how to ensure your hard work, sweat, blood, and tears become a lasting legacy simply submit your information in the form below.
One of the things we often miss in succession planning is that it should be gradual and thoughtful, with lots of sharing of information and knowledge and perspective, so that it’s almost a non-event when it happens. – Ann Mulchey