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.
- Making sure incoming family members had a clear role from day one – and it wasn’t as CEO
- Involving the team in the design of the succession plan, so they supported it through speed-bumps and hurdles rather than reacting poorly
- 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.