Succession Planning in Digital Marketing: Navigating Changes in a $15M Corporation

Introduction:

This case study follows the story of a married couple who co-own a successful digital marketing company together. The company generates fifteen million dollars a year of revenue and has built a strong reputation in the industry. However, they are faced with a major challenge as the husband, who has been an integral part of the business, decides he no longer wants to continue in the business. This decision puts the future of the company in question and causes tension and uncertainty within their relationship.

Problem:

The couple faces several challenges as they consider how to move forward. Firstly, they need to find someone to replace the husband’s work, which includes managing the day-to-day operations of the business, overseeing the digital marketing campaigns, and managing finances. They also need to find a way for the husband to find a rewarding purpose for his future outside of the business. Additionally, the wife struggles with not feeling guilty because she enjoys her profession and wants to continue to grow the business.

Solution:

The couple decides to hire a consultant to help them navigate this difficult decision. The consultant helps them to get clear about their future vision for the company and their individual goals. The consultant works with them to identify solutions for replacing the husband’s role in the company. And, the consultant also works with the husband to identify his interests and skills outside of the business and helps him to explore new opportunities.

Outcome:

As a result of working with the consultant, the couple gains clarity about their future and moves forward with confidence. They share their vision with their team of 20 employees who embrace the new direction and are excited about the future of the company. The husband finds a new purpose in life outside of the business and the wife is able to continue to grow the company without feeling guilty. The couple’s relationship improves as they are able to communicate more effectively and work towards a common goal.

Conclusion:

Succession planning in a digital marketing company is crucial for long-term success. With the help of a consultant, the couple in this case study was able to navigate the challenges and move forward with confidence. By being clear about their future vision and individual goals, they were able to create a plan that worked for both of them and the company. The success of their transition was further reinforced by their team’s embrace of their new direction. The company continues to grow and thrive under the new leadership, while the couple enjoys a fulfilling life outside of the business.

The consultant referenced in this case studio is myself; my background as part of an entrepreneurial couple owning a multi million dollar corporation, experience in my own transition as a business owner, and navigating the emotional roller coaster ride in my own succession plan allows me to help this couple throughout this important transition.