Purpose of the Owner Agreement
Each Owner Must Recognize and Plan for the Foreseeable and Certain Situation Where that Owner is No Longer a Part of the Business
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Creating the Succession Plan
At a succession-planning meeting, the first job is not to decide anything. It is to give the group the information a decision requires. If the topic is choosing a chief executive officer, the meeting opens with how comparable businesses handle that choice, not with a vote. Only once the group understands the choices and has had its questions answered does polling begin, and polling does not mean…
External Systems
Recognize External Systems and Identify Stakeholders
Control, Power, and Prestige
Majority Owners Fear Losing Control and Minority Owners Desire Prestige Leading to Control
The Owner Agreement Project
A Guided Process for Business Co-owners Who Want to Protect the Value They Have Built
Meeting Theory
Communication and Decision-making are Two Different Functions
Values
For an Owner to Genuinely Agree with a Succession Plan, the Plan must Enhance that Owner’s Sense of Values
Critical Conversations
A Critical Conversation Impacts the Future
Continuous Profitability
The Time to Sell
Preparing the Owners
An Owner Agreement is only as Good as the Planning it Enforces