Steel City Growth | Unlocking Succession Planning Success - Brad Franc - Steel City Growth

Unlocking Succession Planning Success - Brad Franc - Steel City Growth - Episode #8

June 12, 2025 / 50:51/E8

Are you prepared to sell your business? Brad Franc, Founder of The Succession Solution, joins Bill today to take a deep dive into business succession planning. They discuss Brad's experiences and expertise in helping business owners address critical challenges in growing and transitioning their companies. Brad delves into strategies for understanding customer needs, the importance of confidential client relationships, and effective succession planning. He also shares his insights on overcoming obstacles, the value of starting succession planning early, and offers a comprehensive roadmap to guide business owners through the succession planning process. The episode concludes with Brad sharing personal anecdotes and advice for other advisors, highlighting the vital role they can play in business succession planning.

Takeaways:

Identify a Vision for Your Business: Define your core values and envision where you want to be in 5-10 years. Understand why you want to reach your vision; having a clear "why" can provide motivation and direction.
Conduct a Deep Dive Into Your Business: Assess your current business state, including ownership structures, financials, and operational details. This helps in knowing exactly where your business stands.
Recognize and Address Obstacles: Identify the challenges that could impede achieving your vision. This includes both internal and external factors.
Develop a Succession Plan: Plan for the future transfer of knowledge, management, and ownership. Starting early, ideally 5 to 10 years in advance, allows for thorough preparation and testing of potential successors.
Involve and Train the Next Generation: Start grooming potential successors by involving them in leadership roles and providing necessary training. Having a clear process for evaluation is key.
Plan for Unexpected Situations: Ensure there are measures like power of attorney and clear succession plans in place to manage unforeseen circumstances like illness or sudden unavailability.
Prepare for Business Sales: Regularly review readiness for potential sales. This includes non-competes, shareholder agreements, and ensuring personal assets are separated from business assets.

Quote of the Show:

“Don’t be afraid to fail because it’s gonna happen. It’s just part of the growth factor.” - Brad Franc

What problem can the listeners help Brad solve?