Internal Ownership Transfer |
If the first year in business is the most precarious and prone to failure, the last years of leadership before handing off control to new leaders have the most far-reaching consequences. In this transition much is at risk for the enterprise, and overlying this business risk is the personal exposure of the current leaders in ‘letting go.’
This is why transitioning leadership successfully depends on careful planning, clear thinking, good communication, a clear buy-sell agreement, and a sound organizational structure.
Clear Thinking
Our approach is to take the emotion out of the process, so owners can think clearly about their future and give room for new leaders.
We work with design firm leaders to clarify the responsibilities of a principal, to to define the qualities and skills needed by incoming principals.
Good Will
Still, in this transition the exiting Principals need to feel good about the process and the people assuming leadership. To foster positive attitudes, we often work one-on-one with individuals to coach them in new ways of working that will allow a smooth leadership transition.
"Andrea Jacoby provided us with invaluable service in developing an exit strategy and guiding us through the initial transition. She identified a range of feasible exit scenarios that coincided with each of our personal goals, and gave us realistic expectations. Finally, she assembled the legal and accounting team necessary and kept us on point through our initial stock transfer."
Linda Gates
Owner
Gates + Associates