Successful Succession Planning

Written By Kevin McKernan

Main Reasons Succession Plans Fail 

The main reasons for failure are focusing on just the transition and neglecting the transactional side of the business, family members that were expected to take over leave, a status quo mindset of doing things the way they have always been done; lack of time, inexperience, and fear are the main reasons that plans fail. 

The Impact of Preparedness on Business Value 

When a business is transition-ready, then the success rate for selling it increases significantly. 

The 4 Critical Components for Succession 

  • Financial Preparedness 

  • Planning Preparedness 

  • Revenue and Profit Preparedness 

  • Operations Preparedness 

This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:

📧 kevin@kmckernan.com  | 📞 718-317-5007

Kevin McKernan
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