That’s what succession planning is all about – helping the owner decide how and when he will eventually transfer management and ownership of the business to others. When the succession plan is in place, you know where you’re heading. Day-to-day decisions become easier to make.

When they think about succession planning, most owners think too narrowly. They don’t realize that there are at least fifteen basic approaches to consider before making a decision. Thinking too narrowly and not considering all of the options is a common and costly mistake.

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It’s hard for business owners to get objective, knowledgeable advice about succession planning. Too often, the advice they get reflects the vested interests of the advisor. When they talk to business brokers, they are invariably told that this is the best time to sell. When they talk to the company’s accountant, lawyer, or banker they are often advised to keep the ownership of the business in the family.

Succession planning has become an important part of Centering’s consulting practice. In the last few years, we’ve helped the owners of more than 100 businesses in 17 states decide how and when they will eventually leave their business.

On most succession planning projects, our first step is to estimate the current market value of the company. Next we try to understand the owner’s overall financial situation, and his financial goals. Finally we consider 15 Ways to Leave Your Business before making our recommendation.

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We recently helped create a succession plan for Keith Baldwin. He is the owner of Baldwin & Associates, Cincinnati’s leading executive search firm. If you’d like to ask Keith about Centering’s work, he can be reached at Kbaldwin@baldwin-assoc.com.