What role would you like to have in the company after the next generation of owners and managers take over?
For many reasons, the first of which is certainly the difficulty of leaving a company to which they have devoted their entire lives, some owner-managers would like to play a role (sometimes a very active role) completely unrelated to day-to-day operations, for a certain period of time.
- Some continue as president of the board of directors whereby the new generation benefits from their experience and the depth of their knowledge of the company and its business environment.
- Others prefer public relations or export activities.
- And still some leave immediately after signing official documents for a well-earned retirement.
Even in the case of a sale to a third party, the sellers can contribute to ensuring a harmonious transition between the new owners, the employees, clients, suppliers and the banker.
The duration of the transition varies from a few months to a few (three to five) years depending on the type of succession. The transition role counts among the success factors of a company transfer.
The role that you will play as the process unfolds will be determined based on your tastes and your capacities, as well as the interest and needs of the successor(s).