As your brand moves into the next phase of its existence, the prospect of succession comes into play. When you’re prepared to retire, what will the future hold for the fine company you’ve built over the years? If you have children, have any of them shown any interest in taking over? Can they afford it? What about an outside buyer—what have you done to attract this individual? Maybe you’re keen on attracting an investor and a new management team to carry it forward. And of course there’s the elephant in the room—your death. What have you done to prepare all the stakeholders just in case you arrive at the pearly gates?
All of these scenarios require finding as much value as possible for your brand. It’s time to ramp up strategically. It’s a terrific opportunity to pour new life into a brand that’s stood the test of time, but may be sitting on its laurels and embraced complacency. A brand that needs to be analyzed to determine where it sits today. Unless you’re just planning on letting it die, you’ve got to have it generating new income. Doing that requires that it step up and identify its differentiator. You’ve got to position your brand to resonate with your audience.
If you realistically want to attract buyers, investors or increased revenues then having your brand generating value is critical. You can’t stop marketing on and offline on as many channels as possible to increase awareness in your market. Once they find you be sure your offering resonates on a large scale. This doesn’t matter if you’re a small enterprise or a multi-national. Being seen as the major player in your category attracts the kind of experience that results in sales.
If you are the son of a brand owner, positioning will help you to generate the increased income you’ll need to buy Dad out. If your children are interested but are cash poor, refusing to take your brand to the next level puts both your futures in jeopardy. Having a succession plan that involves brand strategy planning fuels the succession engine.