Business Succession

An owner or CEO spends many years building a business. They work hard to create a niche in the market and a valued presence in the community. Customers, vendors and employees rely on the business owner as a true partner. Consequently, when the time comes to step back, it's never simple. Who will carry on the legacy? Who will continue to provide a living for those families relying on the company? And who will maintain the trust that has been painstakingly developed with customers and suppliers?

Traditionally, when there is no clear successor, owners either sell the business to an outside interest (who may resell, subdivide or move it) or sell it to the employees through an ESOP plan. In many situations, neither of these are viable options. KeyStone Search has worked with numerous founders, owners and CEOs to fulfill a third option - finding an outside leader with similar values to join the organization, learn the operation and eventually take over as CEO. This option allows more control over the timing of a departure and the terms of that departure.

KeyStone's focus on cultural fit is a natural for this situation; we know how to find that new leader who will move the company forward without violating the legacy that has been so carefully built.

Bob Schoenbaum is KeyStone Search's practice leader in the Business Succession practice.