b"YOUR TOOLKIT FOR BUILDING EXCELENCESUCCESSFUL CEOS ENVISION THEIR OWN EXIT STRATEGYLeaders need to prepare for the future of their company. If that company is part of your identity, why not do succession planning?, asks Beth Savage, President of PQ Systems.Beth was part of a team that built a plan for succession that was implemented when the founder of PQ Systems unexpectedly passed.BYT he key to the plan and process was trust andpossibility to have deep trust.communication, says Beth. We realizedA team to help you transitionthat before we could really move forward with strategic planning, we needed to know whatA network of advisors and peers will be important was going to happen with the company. Once thatfor a business owner as he/she transitions. Having was communicated to the company, it was like aan outside board is also invaluable.weight lifted. A defined and shared purposeLarry Grypp, President of the Goering CenterThe mutual vision and goals of those involved for Family & Private Business at the University ofmust be articulated and understood. The goals Cincinnati, agrees that trust and communication areand objectives will be different for every business critical for any succession or contingency planning.owner, and can even vary by generation of business As a non-profit organization, the Goering Center isowner. Because a founder spends so much time a leading educational and informational resourcethinking about the business, growing the business, center for family and closely held businesses.Larrydeveloping the culture, the strategy, their goals says there are several factors that should be amay be very different from the second generation part of the succession planning process: era. Different generations will have a different Trust outlook and a different decision making process Its never too soon to learn the strategies, techniquesthat should be accounted for.and ways to develop trust in an organization. IfValuation and development of financing optionsyou don't have trust, it's going to be very difficult toDepending on what the owners intend, there have a healthy, effective transition and succession. is much work to be done to prepare and set Effective communication and conflict resolutionup a company for its best possible transition. skills Everybody values their company differently than Closelytiedtotrust,havingproactivewhat it really is worth, and the real value is: what's communication is critical throughout the entirea buyer willing to pay? addsLarry.process. How do we learn to communicate wellOptimization of legal and tax structureswith one other so that we show respect, and soAnother part of the process is looking at tax and that we let people express what's going on in theirlegal ramifications. Thats part of why this is head? Effective communication engenders thenot done in several months or even one year. It continued on page: 32 FRAME BUILDER - APR2020 / 31"