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The Impact of Generational Differences on Succession Planning

 
  Howard Goldman, Partner, CFO Edge, LLC  
   
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  Article Summary  
With an increasingly large number of Baby Boomer business owners planning to retire, it is important to consider the impact of generational differences on succession planning.

Taking into account key differences between generations - Baby Boomers, Generation Xers, and Millennials - is a proactive approach to reducing potential problems that can crop up in the success planning process.

Reviewed in this article are how addressing differences in core values, work assets, and other attributes of Baby Boomers, Generation Xers and Millennials reduces the potential for succession planning issues.

Descriptions of generational differences are applied in sample scenarios to illustrate potential issues when a new CEO may be from a generation different from that of the former owner.

Also reviewed are examples of potential negative impacts that can arise when a new owner or management team comes in.

Los Angeles and Southern California business owners looking at succession planning can benefit from talking with a provider of outsourced CFO services.

A former enterprise CFO brings both corporation-side and service-side expertise to help identify potential problems and recommend changes in areas like management structure, staff structure, policies, procedures, and compensation plans - revisions that support continuing staff motivation, morale, and productivity before, during and after a succession.

For a comprehensive review of exit planning, you’re invited to download our complimentary white paper by clicking here:

Planning a Business Exit

  Open as PDF Open the entire article as a downloadable PDF (No form completion is requested.)  
     
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