Preparing next gen leadership for transition

Advance preparation can be helpful in creating a smooth transition in ownership, particularly for manufacturers owned by Boomer founders seeking retirement.

“When company owners prepare for a sale or transfer of leadership, they must be able to clearly and effectively communicate with the next generation about how to best steer the organization through these choppy waters.”

This observation is in the July edition of Industry Week written by Jack Finning, a partner at AAFCPAs in Boston. His vantage point is from providing advisory to closely-held businesses.

Finning specializes in business transaction advisory services for both buyers and sellers of private companies, and no doubt has seen the good and the bad in both.

“Transitions can be difficult, and the manufacturing industry is currently on the edge of an incredible wave of changes,” he comments in the article. “Understanding the cultural and organizational details is a critical part of ensuring that the company’s legacy will be secure in the hands of the new leaders.”

What our clients are saying...

“Regarding our working relationship with Business Transition Strategies. After 32 years of continuous growth we hit 2009 & 2010 and like many companies we went flat and in 2010 had our first loss. At this point we knew we had to make changes if we where to succeed in this new economic environment. Business Transition Strategies (BTS), particularly John Howe and Ken Schaefer, were brought on as consultants. The BTS team came in, evaluated everything in a professional and thankfully non-threatening manner. They interacted with all employees and our professional partners. Once this was done they presented their findings to the executive group and gave very specific suggestions for improvements. This done and a plan in place, John & Ken continued to help us move forward and implement changes and make adjustments where needed. I am happy to say we are back to being a growing and profitable business and I believe BTS played a big part in making this happen. I would recommend to anyone that they include BTS as part of their business plans for the future.”

- Christina

Advisory Client