Succession Planning – How Do You Stack Up in Achieving Your Dreams?

Thoughtware Private - Article Published: Mar 29, 2019
Manual worker and female engineer standing in a big factory and discussing latest issues nearby the production line

For privately held companies, executing a holistic and integrated succession plan often is the definitive event in which your personal, business and ownership dreams are realized. Absent a formal and well-designed succession plan, dreams are more likely to remain just that—dreams. Even worse, failure to address important issues that affect your succession plans can turn your dreams into your worst nightmare.

According to the results of our most recent 2018 BKDnext Succession Planning Survey, companies are keenly aware of the importance of succession planning, as 90 percent of companies indicated ownership and management succession planning is an important issue. Even so, only 40 percent indicated they have a formalized ownership succession plan. The daily grind of business operations, uncertainty on how to begin and fear of facing unresolved conflict are just a few reasons companies and business owners fail to address this issue timely.

We want to help you move your succession planning forward so you can realize your dreams and mitigate risk along the way. Take the BKDnext Succession Planning Survey and compare your results to other respondents. While not comprehensive, this survey can help you benchmark your results, identify potential weaknesses in your existing succession plan, recognize possible issues to be addressed and begin the process of developing a path forward.

Regardless of how far away you believe your succession event to be, it’s never too early to begin planning. Through BKDnext and our BKDnext advisors, we have the knowledge, training, tools and resources to help you assess your survey results and help you develop a path forward. By facilitating the process, we can help make efficient use of your time while developing a holistic succession and continuity plan that’s focused on the uniqueness of you and your business.

We look forward to taking the next step with you by discussing your survey results and helping you turn your dreams into reality.

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