Succession Planning

Client Profile:
Owner/founder of a small B2B company with Fortune 50 clients needed to ensure there was a strong succession plan in place. He wanted to make sure his successors were prepared to take over the business and to continue to grow amid extreme competition.

Challenge:
The owner recognized that in order to protect his cherished company which he grew from a one-person shop to a 30-person company he needed to make sure his successors were geared to take over the business in 3-5 years. One had been working in the business for a couple of years and looking forward to one day being at the helm. The other had just reluctantly entered the business not sure if it was the right life career.

Solution:
People Resource Strategies was brought in to help these young entrepreneurs become savvy business leaders. PRS provided coaching to both these individuals and helped them discover their strengths through the use of assessments. PRS worked with them for over three years and helped them learn how to look at a profit-and-loss statement, how to make decisions with limited resources, how to evaluate their sales force and groom their staff to better meet the challenges ahead.

Although at time, both struggled with the decision to take over the helm as partners, PRS was able to work with them and help them become more confident in their abilities and prepare for their intended future roles.

The company continues in its success and the new owners are thriving in their decision-making roles and continue to look towards PRS to help them with any challenges they come across and where they are looking for a little guidance.