Succession Planning: No Cost Member Benefit
By Justin Mentele, partner at Pinion Global
Members of this Association represent success stories, many of which are also family stories. These stories include innovation, risk, sacrifice, and exhausting effort. They are stories with heart, and that sometimes makes it difficult to write the chapter in which the main character surrenders the lead role.
It can be tough to talk about succession, especially now, when there is little time to talk about anything, said Justin Mentele. The intensity and challenge facing the farm equipment industry may, in fact, serve as a catalyst for many leaders to consider now the right time to step aside and slow down.
When it is time to consider a transition in leadership and ownership, you should first define two terms that can create confusion: estate planning and succession planning.
Estate planning covers the transition of financial wealth or physical assets from one generation to the next. The process typically begins during one’s lifetime, but often does not complete until after death. This hand-off process requires difficult decision-making and thoughtful planning.
Succession planning is based less on physical and more on psychological transitions. At the heart of succession planning is a person, or group of people, who have been in control of the day-to-day and strategic operations of a company. It represents what can be the emotional task of transitioning control to others. The process of co-creating psychological ownership of the vision, strategy, goals, decisions, performance, and results of the company is not easy.
Both types of planning are critically important!
Talk to a Professional at Pinion
The Association has formed a partnership, with Pinion, to offer members no-cost, confidential, 60-minute consultations on succession planning and mergers and acquisitions.
To take advantage of this member benefit, contact Justin Mentele at Pinion at (463) 209-7606 or Justin.Mentele@PinionGlobal.com.