The Importance of Succession Planning, with Bradley Franc

The Importance of Succession Planning, with Bradley Franc

Episode 220:

Bradley Franc is the creator of The Succession Solution. He is an accomplished entrepreneur, business coach, strategist, business lawyer, and CPA (inactive). As an entrepreneur he has formed four separate companies which have been named nine separate times in INC Magazine list of fastest-growing companies in the U.S.

Bradley has been named by Worth Magazine as one of the top 100 attorneys in the United States. Over his 30 years in the field of transition planning, he counseled hundreds of closely-held business owners on their succession plans.

In 2019, he published the book entitled “The Succession Solution, The Strategic Guide to Business Transition”, which was an Amazon bestseller.

What you’ll learn about in this episode:

  • How Bradley began his career as a CPA, and how he recognized the recurring theme of insufficient succession planning that inspired him to change career focus
  • Why family-owned businesses who aren’t sure what to do are Bradley’s ideal clients, and how he helps these families make succession arrangements
  • What process Bradley follows with his clients to get a better idea of their specific needs and goals
  • Why succession planning is crucial to ease the strain on your business in the event of the unexpected or even just to prepare for exiting the business for retirement
  • Why doing your succession planning early is important and gives you access to more flexible options than waiting
  • How Bradley developed his six-step Succession Solution process, and how he uses this process to help his clients and even in his own succession planning in his business
  • Bradley shares some eye-opening statistics, such as how 70% of businesses fail between generation one and generation two and 85% by generation three
  • Why Bradley believes there are three types of succession: a succession of knowledge, of management, and of ownership
  • Why Bradley believes succession planning is really just a variety of strategic planning, and how doing succession planning can increase the value of your company
  • Why too many companies plan but fail to execute on their plan, and why following through is crucial for success

Resources:

Additional resources:

Smart Real Estate Coach Podcast Sponsor: