Do Nothing or Start
Preparing for any change in season takes planning, and preparing for succession is no different. For too many families in business, the easiest approach to succession planning is avoidance: do nothing. However, ignoring the inevitable doesn’t make it go away. Ready or not, the time for succession will come.
A family business should prepare for the change of the family’s season by taking steps now to prepare:
- As a family, commit to building the family legacy and the business legacy.
- Use the workbook: 20 Questions Practical Checklists For Business Familiesas a conversation starter for all family members.
- Draft a written plan, along with a timeline, for the transitions to the rising generation.
- Prepare development plans for the rising generation that provide opportunities to learn about the values and vision of the family and that provide opportunities to learn about the rights and responsibilities of being an owner of the business.
Honestly discussing the critical issues facing families and family businesses in transition helps foster the objectivity and focus needed for long-term success. Successfully navigating the transition of leadership can often be the key piece in solidifying the opportunity to create a multi-generational family business legacy.
A professional family business advisor can help the family and the business function with discipline and forethought to ensure sustainability for future generations. The family business advisor can help the family achieve family goals by helping to establish the framework, boundaries, training, help with talent development, and reflective planning for the future.
It’s not too late to get started. Doing nothing is not really an option.