Welcome to our$Commercial Enterprise Practice

 

Business Transition

 

Major business transitions result from planned change such as strategic initiatives, succession planning, etc. or unplanned change associated with a tragic event, economic downturn or competitive action. Successfully managing these changes (either planned or unplanned) can be critical to your businesses continued success. We have found that successfully addressing business transition requires a comprehensive and coordinated approach that depending on your circumstances could include:

  • Organizational Strategy relates to the development and agreement by current and future leaders on the direction of the business, its values, objectives, initiatives to achieve them, measures to evaluate them and timeframes.
  • Successor identification and development addresses the identification, recruitment, training, mentoring and retention of employees (and / or family members) that will assume key roles within the business.
  • Relationship management processes are associated with maintaining and developing the individual and inter-group relationships necessary to maintain the informal systems within the business that support its current success.
  • Governance and change systems refer to a proactive and systematic approach to implementing appropriate responsibilities and accountabilities (management and / or board) tied to a comprehensive change management and communication strategy.
  • Financial and legal activities that are usually supported by your lawyer, accountant and / or business broker and include tax planning, transfer of ownership, business valuation, risk reduction and mitigation, etc.