ARE YOU IN THE 30%?
FACT: 70% of organizations do not currently have any formal plan or succession planning process
FACT: 45% of the world’s largest corporations have no meaningful approach in place for developing their next CEO
FACT: There are only 5 ways to leave your company:
- Quit – walk away, get ill, or sadly pass away
- Hire from within and train your replacement
- Sell your company externally/internally
- Give it away – next generation
- Recruit for your successor – hire a key person to take over
RECRUITING FOR YOUR SUCCESSOR
Consider and decide on your “why” and “when.” Utilize our expertise to navigate this process thoughtfully. Find your ideal leader, affording time to transfer critical company information and processes to lead your company without impact. When you choose to transition your business, we are here for you.
TODAY’S TRENDS
- Current Owners retain some percentage of ownership
- Owner hires President, GM, and/or COO
- Work together for a vesting period of 2-4 years
- New employee either injects cash upfront or percentage of bonus is used for monies to transfer to owner at end of vesting schedule
- Deferred compensation is established and secured
- Insurance policies created for both parties
- All stakeholders agree ahead of time – no misinterpretations
For testimonials and case studies, please email your request to Karen Anderson (Info@ibts.us). Hire your successor without a fire drill and with confidence knowing you are well-positioned for your next chapter in life.
The IBTS team is here to provide you with all the expertise and coaching needed to plan and execute your transition. Including establishing a deferred compensation plan, legal agreements on transfer; vesting schedule; valuation of company; insurance plans, recruiting etc.
Email Ideal Business Transition Solutions at: Info@ibts.us.