Succession Planning – Key to the Future Success of Your Organization
Anthony Acampora, Partner-In-Charge, moderated a panel discussion that explored the value of succession planning; when to do it, who should do it and what it should look like.
He kicked off the discussion with a simple question.
“When is the best time to plant a tree?” The room collectively shrugged its shoulders.
“20 years ago.”
“When is the second best time to plant a tree?” The room, once again, blanked.
“Right now! The same is true of Succession Planning, if you haven’t started, the time to begin is right now. The sooner the better.”
The analogy was clear, the room sat up and took notice. The panelists brought a wealth of experience in both general business and succession planning to forum.
The Panel included;
Russell Stern, Partner, SilvermanAcampora
Steve Ramerini, Founder, Compel CEOs
Saul Brenner, Tax Partner, Berdon LLP
The discourse was lively and informative with active exchanges between the panel and audience. The panel explored both sides of the succession planning coin and clearly illustrated why every business – no matter its age or size – needs a solid succession plan in place.
The question of just how salable is a business is without a robust, always up to date plan. Steve Ramerini provided a simple way for the group to know for sure.
He posed this question, “How long could your business operate without you?” He stated that if that time was less than six months, there probably wasn’t a business to sell.
The panelists used real world examples to illustrate why failing to act now can have dire consequences down the road.
Anthony brought the discussion to a close with a succinct summary of why Succession Planning is so vital.
“Every business has a unique set of family, leadership operational and industry specific issues. There is no set formula for business or planning. But there is one universal truth that applies to every business. The day before you start your business, is the same day you should start thinking about your exit.”