The Succession Solution
Process-Driven Succession Planning

Succession planning is critical for businesses focused on longevity and legacy, as transitions and generational changes are inevitable. Succession planning professionals are instrumental in assisting business owners to comprehend options and strategize for the enterprise’s future.

The Succession Coach offers guided support through a distinctive six-step process governed by objective criteria. This unique succession planning program is known as “The Succession Solution”. The team at The Succession Coach helps safeguard the future of closely-held businesses through customized transition planning and execution. The company remains industry-agnostic and tailors processes to the specific needs of each organization.

“Succession planning is fundamental to every business. Our process not only offers simplicity but ensures execution of the plan,” says Bradley Franc, owner of The Succession Coach and author of the best-selling book, The Succession Solution: The Strategic Guide to Business Transition.

The Succession Solution six-step process is set forth in the form of a roadmap, entitled The Succession Solution Roadmap. The Succession Coach collaborates with clients quarterly to produce and complete The Roadmap. The Roadmap is designed to achieve the client’s goals, whether they entail preserving the business within the family, transferring the business to some or all of the employees or selling the business.

In the initial stage, entitled the Purpose Stage, the client sets forth the core principles they believe are critical to the success of the business. Then they express the vision for the company. This stage is foundational to any succession plan. In order to achieve specific objectives and criteria for succession, Brad Franc believes that they need to be anchored in the client’s core principles and vision.

Following the Purpose Stage, step two, the Discovery Phase, comes into play. During this step, business owners determine their current position on the map, taking inventory of existing agreements, documentation and past succession planning endeavors. The Succession Coach also conducts a thorough assessment to identify the existing entity structures and corporate documentation to uncover gaps or inconsistencies that require attention.

Step three, known as the Challenge Stage, involves identifying and evaluating obstacles, threats and risks to a successful transition, as well as recognizing available resources, strengths, and opportunities. Franc believes it is only after a business identifies the obstacles, threats and risks that the business can have a successful transition.

Step four, the Mission Phase, is where the business owners envision their desired state three years in the future. The business will establish clear goals for the business’s trajectory over the next three years, enabling clients to set long-term objectives and key performance indicators.

Step five, the Annual Stage, articulates precise action items for completion over the next twelve months. The company breaks down larger three-year goals into actionable annual steps, ensuring steady progress toward the long-term vision.

The Quarterly Review stage, is the final stage. In this step the business establishes quarterly objectives and conducts regular progress reviews, recognizing that accountability is pivotal in achieving success.

Recently, three business owners of a company sought consultation from The Succession Coach to establish their succession plan. During the process, it became apparent that each owner held a distinct vision for the company’s future. One owner aimed to sell, another wished to remain, and a third aspired to transfer ownership to the employees. The organization’s options were also constrained by its major manufacturer, who held approval authority over any sale. Following a comprehensive examination of the organization’s core values, strengths, opportunities, and challenges, the three owners unanimously decided to implement an Employee Stock Ownership Plan (ESOP).

This allowed the retiring owners to exit the business, while the employees assumed ownership, much to the approval of the major manufacturer. Since the implementation of the ESOP, the company has seen an increase in value of over 100 percent, resulting in the satisfaction of the employees, manufacturer and former owners.

“It’s a customized solution; each succession planning process is tailored and designed for the specific client. It has a process, and there’s continuous support,” says Franc.

As an entrepreneur with three businesses, Franc has been recognized on Inc.’s Fastest-Growing Companies list nine times. He possesses a profound understanding of a business owner’s perspective when planning for the long-term future of their enterprise. His unique background as an entrepreneur, attorney and former CPA equips him to consider the legal and tax implications of succession options.

“Succession planning isn’t just about devising a plan; it’s about executing that plan effectively, and that’s where we excel,” says Franc.

Throughout a year-long engagement, The Succession Coach collaborates closely with clients while meticulously addressing the business, legal, and tax facets of succession planning.

What distinguishes the organization from other firms is its unique transparent process, which guarantees consistent progress toward clear and attainable objectives.

“Our process sets us apart; it’s transparent and results-focused. Clients can witness their progress toward succession goals,” says Franc.

Backed by substantial expertise in the succession planning industry, The Succession Coach stands out as a well-positioned provider of objective, solution-oriented guidance to clients. This ensures the continued prosperity of their businesses for generations to come.