One Sherpa is a business which is under going its own succession planning.
Andee and Dean are working through this for themselves.
Therefore in advising other businesses around succession they have the hands on personal experience of dealing with the sticky issues that often come up within family businesses that want to plan and execute successful succession plans.
The business side of family businesses more often than not brings tension to family relationships because of the commercial imperative of a business. This means that there are ‘no go’ areas in relationships which can turn the succession process into a simple transaction.
In most acquisition and disposal transactions there is a time limit to the personal interaction of the players which ranges from none to a few years. In a family succession the relational side is particularly important as the relational side will often go for many years and in fact the older family members often assist in the business on a part time basis beyond the ‘change of hands’ to the next generation.
The transactional side of succession will require the input of accountants, bankers and lawyers and this is not the domain of One Sherpa.
One Sherpa has a process which ensures that the relational and behavioural side of succession is addresses before the transaction is addressed.
One Sherpa Process:
A. Behavioural Assessment
The key members involved with the transition have their Business DNA’s completed both individually and as a team.
B. Needs Analysis
The key members involved are interviewed individually and as a group to find the key elements for the transition.
C. MOU Development
An MOU (Memorandum of Understanding) is prepared which captures the key commercial elements of the succession. This forms the basis for the accounting, banking and legal parts of the transaction.
Our experience around behaviour suggests that it is possible to do a successful transaction without this process but the behavioural effect on the ongoing family can be devastating over many years when resentment and mistrust get bred out of a succession transaction where people are misunderstood, judged and not listen to through the process.
If you would like to discuss succession further send us an email to
enquiries@onesherpa.com or call us on our toll free number 1300 743 772
