Steps to a successful business transfer:
Step 1 – Clarify the expectations on both sides
Make sure that everyone’s intentions are clearly understood.
Step 2 – Draw up an action plan for the company
A strategic action plan will allow you to take stock of the current position of the company, to identify corrective measures to apply immediately, to outline the key elements of company’s future orientation and to determine what action to take to achieve fixed objectives.
Step 3 – Evaluate the abilities of the company executives /management team
The strategic planning exercise will allow you, among other things, to determine the human resource needs of management.
Step 4 – Establish a training plan for the successors
A training plan in due form for each member of the management team is a very useful undertaking.
Step 6 -Be aware of the issues related to the transfer of management
You must also consider the consequences of failure in your attempt to transfer the company to management. You should not forget the members of your family.
Step 7 – Do not hesitate to call on experts who can provide assistance
Becoming involved in the process of a transfer to management is demanding. Think about a consultant specialized in strategic planning or the help of a consultant specialized in human resource management