About the Talk
May 15, 2002 12:00 PM
260F Lor Chuan, Singapore260F Lor Chuan, Singapore
Planning for Succession
Probably, the hardest stage in managing a business is preparing for and passing on the business to another owner while maintaining business continuity through such a succession process. The essential goal required is that of determining the most qualified new owner – the individual or group who has the ability and dedication to keep the venture’s stability while at the same time enhancing and expanding the business to its greatest potential.
Likewise, it is also crucial for the original owner to come up with the proper value for the business which will provide the greatest possible benefits from the transfer. Moreover, you need to lay down the plans for achieving a continuing outlook for enhancing the business and endeavor to implement them. Possessing a highly-qualified captain at the helm with the proper specialized experience will ascertain your success; that is, a proven leader having the track-record of successful ventures in actual transitions and the abilities to implement a smooth and viable succession process.
A business transition procedure can undergo so many undesirable snags. A systematic supervision and meticulous planning, however, can provide the owner a smooth transition experience. The course of a business, even with all the proper care in planning undertaken, can be often affected by a drastic leadership or ownership. And it is usually complicated by the resistance to such a transition or change. The demand to sustain business continuity and acceptance of the new management or owner must however be achieved at the shortest possible period. Lexus Group minimizes or eliminates the succession obstacles and possible fault-lines produced by a business-shake through producing congruence among opinions and expectations.
Our Competencies involve the following:
Financial modeling, business development & planning
Guiding of board of directors and stakeholders
Management transitions, buy-outs, sale to third party
Business- owner strategy, plan of succession, turnover to the next generation