Show Notes
Bradly J. Franc (“Brad”), is the creator and author of the Amazon best-selling book entitled The Succession Solution: The Strategic Guide to Business Transition. His firm The Succession Coach LLC, works with business owners to create as well as execute on their succession plans.
Brad is an attorney, entrepreneur, and business strategist who specializes in the transfer of family and closely-held businesses. He is also a former board member of Catalyst Connection.
Brad began his professional career by becoming a CPA and working for the international accounting firm now known as EY. From there, Brad became an entrepreneurial strategic business adviser and a business lawyer representing every aspect of the closely-held business.
Standout Quotes:
"Writing is the highest form of thinking" - [Brad]
"It's not that there's a particular process but you pick a process" - [Brad]
"The longer you wait, the fewer the options you have, with respect to succession planning" - [Brad]
"You can't do strategic planning unless you understand the company's culture" - [Brad]
"It is incredible how many times people think they know what they have, and they don't" - [Brad]
"Conflict is good, it gets things out" - [Brad]
"All progress begins with honesty" - [Brad]
"Most people overestimate what they can do in a year, they underestimate what they can do in ten" - [Brad]
"If you want to improve something, measure it, if you want to improve something exponentially, measure it and have a report on it" - [Brad]
"Succession planning is a form of strategic planning" - [Brad]
"For things to stay the same, things must change" - [Brad]
"I try to tell that next gen, 'your job is to increase the value and to maintain the values' " - [Brad]
Key Takeaways:
Bradley is the author of the Amazon bestseller "The Succession Solution" and his firm, 'The Succession Coach' works with business owners to create and execute their succession plans. Brad is now an entrepreneurial strategic business adviser and a business lawyer representing closely-held businesses.
Brad had started as a CPA with the goal to reduce taxes, and later he went on to go to law school. He realized he was helping but not solving the problem so he merged strategic planning with Estate and Succession planning which formed the Succession Solution.
Initially, his goal was to simply put down the strategy so he could convince himself that it was feasible, however, he realized someone else could also benefit from reading it. This was how he went ahead to write his book, The Succession Solution.
After starting a business that had made losses for two years, Brad employed strategic planning and the difference was clear; the business bounced back.
There are 3 types of succession; Succession of Knowledge, Management, and Ownership. It is unlikely to be able to ensure the succession of management and ownership without the transfer of knowledge. However, more often than not. Succession involves the transfer of ownership with closely held business owners.
The Succession Solution: Brad usually starts by discussing with the significant stakeholders to understand what is on the ground before getting fully involved. He also ensures the family is willing to cooperate and gets commitment upfront.
The 6 stages of the succession plan: The first stage is the Purpose stage; identifying the basic values, the vision, and the "Why?". Next is the Discovery stage; understanding where they are before starting. The third step is the Challenge; to identify their strengths, opportunities, and most importantly, the obstacles. Most of the time what people want to get from the 6 steps is certainty because uncertainty creates anxiety.
Brad emphasizes that conflict is good however, how that conflict is managed is critical. Communication and trust are the reason most companies fail.
The fourth stage of the succession plan is the Mission stage. This is where the group sets milestones and creates strategie
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