The Director, who successfully founded, developed and led his business for more than twenty years, supported by a loyal team, wanted to retire. Several potential successors emerged, including the Director’s children.

Involvement of Exec Avenue

Exec Avenue was contacted to prepare and organize this leadership succession, which took place over several years:

• We analyzed the strategic plan, taking into account changes in the business model, which was moving towards a new sector offering better prospects for growth
• We gained an understanding of the family situation, and discussed the financial and fiscal implications of succession with the Director, as well as emotional aspects to determine whether this was the right time to go ahead with the succession
• Management Audit: We assessed the ability of the existing management team to accept and implement the new strategic plan (competencies, desires)
• We recommended an evolution in job profiles, organization structure, and executive and management committees to reflect the new business model
• We put in place a new management team through internal promotion and by bringing in outside competencies
• We identified the most suitable successor
• We submitted our proposal to the Director, who agreed to it
• We prepared the new Director, mentoring him, keeping in regular touch and planning professional development to ensure he was prepared and accepted as being suitable to lead the company