Author: Michael Louie

Communication. A pillar and necessary part of the succession planning process.  The plan can best be developed with input from your interested parties.  A cliche, well trodden, “A man/woman is not an island unto himself/herself.” You may be entering territory that is uncomfortable for you because you had done much of the operating and growing […]

There will come a point in your succession plan where you will feel that you have reached success.  Succession of your business is a journey, not a destination.  You have to define what your milestones are.  This can be different for each person, family and business. Winston Churchill said it well, “Never, said Prime Minister […]

The headlines read:  Tim Hortons CEO Don Schroeder to exit company immediately, Paul House steps in… “The board said it was already engaged in comprehensive succession planning for the CEO position as part of its strategic planning.”  Wow, is this a succession plan gone awry?  Why would the leader of a juggernaut suddenly quit and […]

You have run your business and weathered many successes and challenges. Today, it is the challenges of successions about which we will be speaking. Many business people have put their hopes into the plan that the children of the family will take over the business, both its operations and ownership. This may not be a […]

I spoke previously about management becoming owners of the company and why you may do this.  There are alternate means of allowing management to either directly be owners of your company or become equity equivalent owners in your company. The first and simplest form of ownership is to allow your managers to buy shares.  They […]