Profile cover photo
Profile photo
U3P Group
2 followers -
At U3P Group, we dedicate ourselves to helping companies going through transition and change better understand themselves, where they are going, and how they are going to get there.
At U3P Group, we dedicate ourselves to helping companies going through transition and change better understand themselves, where they are going, and how they are going to get there.

2 followers
About
Posts

Succession planning is once again a hot discussion item at U3P Group. What is really different this time around is a greater sense of urgency. There is a natural inclination to address transition issues quickly as they suggest vulnerability to those at the top, and tend to feed on the impatience of others.
When pushed to describe succession plans, where they do exist, there are two common responses—“no need,” or “the accountants and attorneys took care of it.” Both are problematic with the first being easier to address as there are no points of bias in place, leaving an opportunity for all parties to come in clean. The latter situation is often built around tax and estate planning, which while important, represent an incomplete set of requirements.
Succession is not an event; it is a process involving a series of activities leading to some moment of “passing the torch,” and often introducing new conditions. As with most processes, there are many parties, each with their own set of requirements and constraints. Drilling down to understand what the limits are and how they came to be creates opportunity.
The opportunity is the challenging part of the puzzle. When needs are addressed well through each stage of the process, you can create value for multiple parties. Without discovering those needs, what ultimately has to occur, and how that was determined, one can feel an increased immediacy within the process. Keep in mind that the unstated deeper motives and desires need to undermine the decisions throughout.
Once the true requirements are known and priorities determined, then the puzzle is easier as tradeoffs in value and alternative methods can work to reduce conflict.
Knowing the end requirements that are then determined, a plan, can be created over time. This plan should lay out each step in the process, aligned with those end requirements.
Notice that this applies to any business whether it is family owned, public, private, or even a non-for-profit. What differs are the requirements which is a nice way of saying there is no magic, singular way to run “succession.” The process should reflect the organization’s goals and constraints.
Add a comment...
Wait while more posts are being loaded