Succession in a Family Business

[ Blackboard Fridays Ep. 19 ]
by Jacob Aldridge Published

Knowing when and how to implement your family business succession plan can be difficult, and the reality is that every business and every family is different.

In this week's Blackboard Fridays, I share a successful family business case study, and the 3 general principles we applied to help ensure the transition was smooth and profitable for the family, the business, and the team.

1) Making sure incoming family members had a clear role from day one - and it wasn't as CEO

2) Involving the team in the design of the succession plan, so they supported it through speedbumps and hurdles rather than reacting poorly

3) Identifying a simple project that allowed the next generation to quickly 'step out from the shadow' of their parents - ensuring any comparisons or 'how we used to do things' are quashed and the business can look forward.

Understand more from the video below:

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Jacob Aldridge
read more by Jacob Aldridge

Over the past 12 years, more than 300 active growth businesses in Australia, the UK, and Asia-Pacific have worked with Jacob in his role as an international business coach, partner and advisor.

As Director of Advisory at businessDEPOT, Jacob continues to work one-on-one with SME businesses and directors, while also leading the development of our Strategic Advisory services across Workshops, Group Programs, and Online business guidance.

Jacob's alumni clients and those who have attended his presentations describe him as the smart and quirky business guy who makes genuine change happen. He brings business experience that impacts both profit and valuation, plus a unique energy borne from the belief that business is best when it's fun.

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