It takes time to develop a successful business. Once it’s been established, it becomes an asset that can last beyond your time with the company. At some point, the business owner makes the decision to move on, and when they do, a succession plan is needed.
The next steps can have complications. It is not necessarily as simple as handing over the keys. Businesses are made up of people, personalities, financial needs, systems (both static and dynamic), and much more. It becomes important to make sure that, when the next person takes control, they are ready to step in without a hitch and continue to help the business thrive.
Melinda Heryford Management Consulting can help you manage that transition effectively, so that the next leader can not only step right in – they will also have the tools they need to manage it effectively.
Melinda Heryford Practice Management Consulting has 30 years of experience with Dental Practices, Family Run Businesses and Larger Organizations.
Some succession services that are provided:
- Selling the Business/Dental Practice to a new owner and transition of leadership to new owner
- Handle multi-faceted successions where the process entails moving the entrepreneur business owner, founder to the position of President, then to Chairman of the Board
- Develop, recruit and onboard the leadership team beginning with a functional position, i.e., General Manger, or Operations Manager, CFO, COO, HR Director, IT Director, etc.
- Leverage the business by hiring associates to add capacity
- In family run businesses, handle successions between family members:
- Train family members up to work in the business, and if qualified, take a management role
- Recruit and develop the onboarding process for a non-family leadership team member role if there is not a qualified family member for leadership/management