This is our core business and Proagtive work closely with family businesses nationwide, taking them through a process of succession planning. This process involves a series of steps including questionnaires, financial analysis, phone meetings, face to face family meetings, action plans and an implementation process.
Leadership – Who leads
Management – Who does what when
Ownership - ‘Who gets what when’
The process involves the transfer of managerial control, assets, ownership and an occupation. Successors must be selected and groomed. The timing of the transition and managing the entry and exit of family members is one part of the process. Estate planning and the preservation of the family wealth and business continuity is the second vital part of the succession process.
Therefore we can understand that the process goes beyond drafting wills, buy sell agreements, commissioning valuations and purchasing insurance.
When most professionals approach the issue of succession planning, it is our experience that they spend most time and effort on ownership issues. Since these issues usually present qualitative questions which are measurable and objective, they like to address those first because they are easiest. We start at the beginning, not just the easy fix areas, our process allows us to work our way through all aspects with families.