Succession Management for the Family Owned Business |
Epicís Management Group has worked with all sizes of organizations. From Commonwealth Edison, Diamond Walnut, Asea Brown Boveri (ABB), to Johnson Industries, Norix Groupo and others. Each of these organizations recognized the need to have solid processes in place to manage its businesses, not seat-of-the-pants operations.
Epic has developed a rapport with the management teams of large, small and medium sized businesses of every industry, and has recognized that the bulk of these businesses are owned and operated by decision makers and problem solvers, regardless if they are entrepreneurs or executives of public companies.
However, family owned businesses normally begin from scratch and the owner is the entrepreneur who eventually wishes to exit, either selling to outside entities or to a family member like a son or daughter. Quite often the business itself has a value and ongoing cash flow but the founders have plowed all profits back into the business so there is not a stash of assets on hand. Thus, there is a risk of handing the business to a son or daughter who has never had the accountability to make mission critical decisions, since the entrepreneur has been the sole source of decisions.
How can an entrepreneur of a family owned business exit with some secure feeling that the business will not fail without him? That is where Epic Management Group insures that a Succession Management Process is in place, with metrics and accountabilities formally identified with the new organizational structure.
At some point in time, the entrepreneur has grown the business and is ready to turn the business over to an offspring or to another person that is not a family member. Usually this is not a sale situation where the entrepreneur receives a bucket of money and walks away. No, it usually is a stream of long term payments by the son or daughter which is the payout of the entrepreneur.
This is where the most risk of any time of the entrepreneurís career now exists. He or she has worked the whole life in building the business, making it successful, and now all the decisions have to be made which impact the basic tenets of the business.
Epic now enters with a total plan that allows this to happen, but most importantly, we provide a process of management which the son or daughter can utilize in every day events, and the owner can observe the Objectives and Metrics ongoing to insure that the business remains on track without his presence being required.
Epic Management Group provides the proven management techniques with the six functions of management to address the growing needs of the family owned business within the marketplace. It is the ďblocking and tacklingĒ of management that a growing small business owner requires to grow further. This is where Epic works initially, implementing a management process with the small business that allows the authority for decision making to pass to the son or daughter, but with adequate metrics that the founder agrees and monitors from a retirement area like Florida.
Epicís Succession Management Program is the solution for the entrepreneur who wants the lifelong investment to endure, as well as to keep paying off while he or she is in full retirement.