Succession Planning

Baby Boomers are retiring at a staggering pace of over 4 million per year. Consequently, this has created a dramatic increase in privately held company transfers to the next generation. Needless to say, this can be a huge undertaking. Many business owners are caught in a challenging situation where they feel stressed and unprepared.

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The recent solar eclipse caused a fair amount of excitement in our office. You can learn more about the eclipse here - https://eclipse2017.nasa.gov/ - but at a high level, we were treated to a rare, natural phenomenon of the moon covering the sun to create a solar eclipse. Though my primary working location in Dearborn, MI did not lie within the “path of totality,” in which the moon completely covered the sun and day turned to night for a brief period, we jumped on board for the opportunity to see the partial eclipse in our office parking lot.

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I wasn’t expecting to be inspired by a field hockey office display, but that’s what happened recently during my visit to a local university. Are you wondering how recruiting and succession planning for your company could possibly relate to a University field hockey program?

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EDSI Senior Consultant, Jennifer Giannosa, lays out a succession planning process to identify and develop professionals entering a leadership position.

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*Original article written in August, 2014. I BELIEVE THAT WE WILL WIN! I BELIEVE THAT WE WILL WIN! If you have been addicted to the 2014 World Cup (like I have been), then you are probably familiar with the “I BELIEVE” chant that has been sweeping the nation. Even though the U.S. Soccer team looked and felt like a team of destiny at times, simply BELIEVING that they were going to win did not prove to be enough for the team to advance to the quarterfinals of the World Cup......

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"What are 94.5 and 101.49?" That’s right, after the 3.1 inches of snow that fell in Mid-April at Detroit Metro Airport, the 2013-2014 winter has officially been crowned champ! The 94.8 inches of snow that have fallen this season in Metro Detroit make it the snowiest winter on record, eclipsing the previous record of 93.6 inches that stood for over 130 years. Oh yeah, did I mention the Dow Jones is up 101.49% over the past 5 years?.....

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Dream Team Original

The final game of the 1979 NCAA Men's Division I Basketball Tournament marked the beginning of the rivalry between future Hall of Famers Ervin “Magic” Johnson and Larry Bird. Michigan State, led by Johnson, won the national title with a 75-64 victory in the final game over a previously undefeated Indiana State team, led by Bird. Both Johnson and Bird would enter the NBA the following fall......

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Baby Kr Original

I am anxiously awaiting the arrival of my first child and could not be more excited to be a father. If I am being honest, I am also slightly nervous. I am nervous because my father set the bar so high, and I know it will be challenging to follow in his footsteps. I look up to my father more than any other man on the planet. He has shaped and molded me into the man that I am today, and I would be hard pressed to find a better role model. That said, I feel a great weight of responsibility to carry on his legacy.......

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Written by Jim Bitterle - Managing Partner with EDSI Consulting. I recently received a call from a desperate CEO of a $28 million company. His company’s Controller unexpectedly resigned three weeks earlier. Then, two weeks after the Controller resigned, the CFO resigned.

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