Dave Ciambella

Understanding Succession Gaps
October 1, 2007

Are you facing any of the following challenges?

• “I am tired and want more time off, but my successor is not quite ready,”
• “My kids are too young to even talk about succession planning”
• “I want out, but there is no one to take over my business.” 

Situations such as these are what are referred to as “succession gaps”. A succession gap is a potential break in the critical continuity of competent management of a business.

You have probably heard the saying “in every cloud there is a silver lining.” I like to think that “in every succession gap there is an opportunity for a bridge to protect your business value and legacy.” We call this a “Succession Bridge.” There are many instances where a Succession Bridge merits consideration and implementation. I will discuss Succession Bridges in my next post, but in the mean time, consider the following:

1. Take a look at your present environment and determine if you are experiencing a succession gap.
2. If you are not experiencing a succession gap now, there is a possibility you could face one in the future. Perhaps you have qualified successors in place presently. However, in the event that your identified successor left your business for some reason (voluntary termination, died prematurely, became disabled etc.), what would you do to bridge the gap?
3. The fact is none of us have a guarantee to live another day.
4. One of the things that has likely contributed to your success to this point is your ability to anticipate.
5. With regard to your succession plan, I encourage you to anticipate potential succession gaps that could negatively impact the value of your business.

All of the above situations make a great argument for designing and implementing a Succession Bridge.

My next post will focus on solutions to bridging your succession gap.

Posted by Dave Ciambella on October 1, 2007 | Comments (0)