For far too long business owners of businesses large and small, have neglected succession planning only to be exposed when it is too late. The inconvenience of dealing with the difficulties of ensuring successful transitions, either to the next level or the next generation, is what will ensure wealth preservation and successful generational transfer.
Succession planning can be defined as “the proper planning and implementation of business and family structures ensuring both remains successful and sustainable during the growth phase as well as through implementation of the succession plan”.
Avoiding the difficulties of dealing with issues in a family business harms relationships and undermines the potential of the business. Start now. Embrace difficulty and address your family’s succession issues head on.
Plan for your family’s future and remember to enjoy the journey. Embrace the Nomad in you.
Run a family business? You’re welcome to get in touch with me if you would like some guidance on proper succession planning.