Our clearly defined and highly effective four-step methodology has been developed and refined exclusively for the succession of closely held businesses. As a result of over 30 years of practical work in the field of business succession, we have developed a proven process with the following features:
- Addresses core readiness issues first
- Contains critical tools necessary to effectively address readiness issues
- Creates realistic action plans and approaches to span readiness gaps and overcome readiness barriers
- Appropriately links traditional mechanical components to desired readiness outcomes and objectives
Step 1: Readiness Investigation and Assessment
A structured “peel-the-onion” approach that collects family, business, personal financial, and owner “information” for the purpose of: (1) identifying core business succession objectives, (2) specifying personal boundary conditions of all involved, and (3) determining current business succession gaps and barriers. Along the way, participants often refine personal skills that will be valuable in supporting detailed succession planning and implementation.
Step 2: Integrated Business, Family, Financial, and Owner Succession Plan Development
Taking the primary outputs from Step 1, the second step focuses on the development of an integrated succession plan that addresses current business succession gaps and barriers while remaining compliant with the objectives and boundary conditions of all involved.
Step 3: Implementation Preparation
Ideally, this is the point in the process at which the “mechanics” of business succession are addressed. In addition, as a result of Step 2, there may be other prerequisite tasks that should be completed prior to actual implementation of the business succession plan.
Step 4: Implementation
Core to this process step are oversight, accountability, coaching, adjustment, and refinement. No plan will be perfect from the beginning. Unexpected developments will occur. Therefore, Step 4 has been designed to effectively monitor and track implementation progress and facilitate necessary refinements and adjustments.
In summary, the TELEOS Process™ provides an integrated framework that incorporates all aspects of business succession.