If you’re using Succession Link to help you search for a business successor, it’s likely you’ll find a pool of qualified buyers at your fingertips.
This is a good problem to have, but how do you sift through all these candidates to find the best individual to take over the reins of your company? Below, we suggest some of the most important qualities to screen for when searching for a business successor.
Experience with your Type of Business
It’s all well and good that a candidate has a track record of success in the financial industry. However, it’s worth checking whether they can also demonstrate experience of having grown a company of your size that operates in your niche. This should help you feel more comfortable in their ability to do the same with your business.
It’s likely you’ll be anxious to ensure the culture at the company remains true to what you created. This is the best thing you can do to ensure your clients are happy to continue working with the company following the takeover.
With this in mind, you’ll want to choose a successor with personality traits that echo the cornerstones of your company culture. Attributes such as their social skills, strength in adversity, work ethic, attitude to teamwork will drip down the corporate pyramid and affect the whole business, which is why it’s so important to find a successor with the traits you want to pass on to the rest of the company.
Perhaps the most important soft skill to look for is a lack of ego. If you’re selecting a successor who isn’t open to learning new skills because they think they know it all, it’s going to be tough to create a smooth transition.
Also, bear in mind that you may initially choose to work alongside your successor in an advisory role after they take over. Most successors will make this an essential part of the takeover agreement, so you’ll want to choose someone that you get along with and can picture yourself working alongside.
Can the candidate picture a 10 to 20-year plan for your company, or are they dreaming of retiring into the sunset themselves before the end of the decade? The continuity of your company is an important factor to consider when choosing a successor, especially if you want to
keep your employees and clients content in the long-term.
Choosing a successor who looks likely to sell up themselves within a few years could be the wrong decision for the continuity of your business.
How Succession Link Can Help You
Succession Link can provide an abundance of qualified individuals looking to buy a business like yours. We provide a filtering system to help you sort candidates by the most important attributes and a platform for easy private communication, but it’s down to you to select the best individual to succeed you. Evaluating these factors will help you do that.
Click the link to learn more about how Succession Link can help you choose the best successor for your financial business.