In an interview with the FAZ, Nils Koerber, founder of the management consultancy K.E.R.N - Die Nachfolgespezialisten ? pointed out major stumbling blocks in the preparation of company succession. He advocates planning and managing the generation change as a strategic project.
Successful business successions last on average one to three years and demand the full attention and time of the transferring entrepreneur. Time that he must find in addition to the operative business. Here are three practical tips for preparing a successful business succession.
1.) Strategic project business succession
Koerber emphasises that the Generation change in the company is a complex project and must be managed as such: “Entrepreneurs must not succumb to the misconception that a company succession can simply be handled in the course of everyday business. Rather, it should be planned just as comprehensively and precisely as a significant investment?
2.) Put the handover schedule in writing
A roadmap with responsibilities and milestones (such as training to be completed, transition of responsibilities) should be set out in writing for the upcoming transfer of the business.
Such a roadmap for the preparation of the business succession includes not only technical tasks, such as the clarification of tax or legal issues, but also communication topics, such as a regular succession jour fixe.
3.) Communicate regularly and openly
Ideally, the transferor and the successor should regularly take time to discuss the status of the project and conflict issues. The use of a neutral moderator or a conflict-solving mediator is recommended for more serious issues.
This is particularly true of family entrepreneurs, as family ties and generational role behaviour are particularly pronounced here.
Regular and open communication is the easiest way to establish a clear definition of tasks with corresponding responsibilities and to implement a solution-oriented attitude of the project participants in everyday life.
These are just three points that Nils Koerber addresses in this interview. You can find the complete interview on preparing for business succession here directly at the FAZ.
You might also be interested in this:
Free webinars on business succession
Business mediation supports successful conflict resolution
Enterprise value-oriented company valuation pays off when selling a company
