Small Business Coaches Are Masters of the Business Succession Planning Process

Whether we are planning for the future of a business or planning our next road trip, to get somewhere we have to know where are right now and where we're going, before we can determine which way is the best for us to go right now.And we have to get agreement on where things stand today and agreement on the ultimate destination, before everyone will buy in to the travel itinerary.

Small business coaches can help you eliminate the frustrations and disagreements that often result from a lack of shared goals.They do this by helping to uncover the hidden agendas and secret desires of the participants.The result is a sense of common purpose and direction that solves the typical situation where there are arguments from different perspectives.

Often individuals are saying one thing and meaning another, not realizing that they really do agree with one another's point of view in principle.More often than not it is managing agreement that is the biggest challenge.People wanting the same outcome just expressing it differently and not listening to one another.

Surfacing agreement is one key role played by small business coaches, especially those elusive matters that have previously been difficult to discuss.This is particularly important when an individual might believe an issue is unresolved when it has in fact been settled and vice versa.Helping to uncover specific issues that need to be addressed and providing a suitable forum where individuals can express their concerns are principle benefits of engaging a business coach.

The questions are critical to understanding the status of the succession planning process.Their answers become an important ingredient to be added to the mix by the person who is responsible for managing the planning process - information your traditional advisors will find useful if not critical if they are to create the documents that convert your desires into facts.

Their purpose of to identify the owners and the shareholders goals, to help make everyone involved with the business aware of the typical planning goals in a business like this, to encourage individuals to think through their goals and set some priorities - it's going to be impossible for everybody's goals to be met 100% of the way - so having priorities identified will be very important when it comes time to negotiate.

Small business coaches provide a focus for current and continuing discussions.Discussions that get a sense of the problems and challenges the individuals involved see for the present and the future.While many problems are common to family owned businesses, each business and each family is, in fact unique.

The answers can serve as a measure of how much has been done, and how much still needs to be done in the planning process.They provide an excellent picture of where you are today and the information is important to your advisors and your planning coordinator.

What most closely describes your agreement or disagreement on each of the following statements?

We have heirs who are strongly committed to continuing to manage our business.Since the long term financial and personal success of everyone is tied to the future of the business, knowing that the next generation of owner operators in on board is critical information.If they are not interested, not capable, or not willing under the circumstances to take over the business going forward, it's important to know it as soon as possible so other options can be explored.

In our estate plan, our personal objectives, feelings, and concerns have been given equal weight with tax consequences.We have written documents in place that deal with the future management and continuation of the business.The owner's spouse understands the important provisions of the estate plan.The answers to these questions will also determine how issues of "fair vs equal" among the heirs have been handled.And it will be possible for the advisors to determine the price tag the successors will be responsible for - where the money is going to come from to pay it, etc.

We have qualified advisors helping us with our estate planning.We have reviewed the provisions of the estate plan with the person who will be executor.It's important to recognize, whether you are a member of the senior generation, the successor generation - or if you are the business coach, that lawyers and accountants have strict codes of ethics they must follow.

If the lawyer is dad's attorney, who is being represented here?If the accountant is the business accountant, who is he or she beholding to?Should everyone get a lawyer?How can the interest of each group be protected within the bounds of professional responsibility each professional brings to the table?

Who better to help sort this out before it becomes a disagreement, a fear of favoritism is expressed by some, concern about being slighted is present in the minds of some, or some people are really mad and ready to sue because they feel they were taken advantage of?

Who you gonna call?A confident successful business coach of course.Small business coaches are emotionally unattached from the businesses they deal with, they can actually recognize difficulties more clearly, and they are governed by the agreement you and they are party to that defines their relationship with you and your family business.

About the Author

Successful business owners understand the importance of developing relationships with competent professional advisers who will work together as a team to insure their long term success.

They also realize the valuable impact that business coaches have on them and their business, sorting out what's important and then working seamlessly with their traditional advisors.

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