Leadership and ownership transition can be a tumultuous and destabilizing time for a manufacturing business. Impact Washington offers transition and succession planning strategies to ensure the stability, sustainability, and value of a business through these transition periods and beyond.
Washington State is home to a number of small and mid-sized family owned businesses—many of which have been in business for generations. Each generation faces a different business environment than the one before, requiring an evolution of strategies and business operations. Other businesses may be considering a leadership shift as part of an acquisition or merger, or as part of the sale of a company.
Whether you’re a family business ready to pass the reins to the next generation, or you’re considering selling your business and want to maintain a top valuation, or you simply are transitioning leadership due to shifts within your organization, we can help with the leadership transition.
Our skilled and trained professionals will assist you in establishing an objective value for your business as it currently exists and help develop succession options that maintain or increase that value and the sustainability of your business. We help you develop the next generation of leadership that will take your company forward. We craft development plans, organizational structure and position descriptions that help you zero in on your leadership structure for sustaining your business into the future.
Succession Planning Program
Objective: Impact Washington’s succession planning program has a simple, but powerful goal: to develop a succession plan to prepare the next generation of leadership to lead the company in its quest to fulfill its strategic potential.
Impact: Upon the implementation of the resulting plan, your company will have a well-prepared successor, a senior management team that is in agreement with the process and able to lend their full support to their new CEO, and a family that is confident in their succession decision.
How We Do It: An Impact Washington consultant will begin the process by inviting all of the senior management team members to complete the Profile XT – a tool designed specifically to identify job-specific competencies and potential gaps. Once this has been completed, we’ll work with the team to identify how they can use their combined strengths to support the strategic plan and identify the gaps that may present barriers to achieving the plan.
Using this information, our consultant will develop a suggested plan of action. This may include:
- Identifying new positions that should be developed to accomplish key goals
- Crafting a personal leadership development plan for the future CEO to evolve the skills and knowledge necessary to lead the organization
- Identifying local resources to support the plan and provide coaching
- Meeting with the management team to craft the transitional role and develop additional role clarification with other senior leaders as necessary
- Developing performance objectives for each senior management position – in discussion with individuals and as a group
- Developing a draft document with agreed performance objectives related to the strategic plan
- Developing an agreed meeting protocol for holding each other accountable
- Facilitating a team discussion and agreement on how to cascade accountability down through the organization
If you’d like to learn more or chat with a transition and succession planning specialist, reach out in the form at the right!