Succession and Continuity Planning
An objective voice smooths the path of succession
Change is inevitable but doesn’t have to be unexpected. In fact, it represents an opportunity for renewal, to sharpen up on skills and refresh old approaches.
Any long-established business will have to undergo leadership changes, be it spurred by the limitations of ageing leaders or new trends in the business environment. They don’t have to be disruptive or drastic. Being prepared with a clear and realistic plan for change ensures the family business is set up to adjust with ease.
Every transition is unique and will have its own set of challenges. The founding generation may have trouble letting go while the next generation may struggle to grasp the responsibilities of leadership and ownership. Differences in vision and values from generation to generation can add tension at such times.
The trials faced by the business are of no concern to its customers and must remain behind the scenes; the business must go on seamlessly, meeting market demands with no sign of internal turmoil. That is why having an objective voice with personal experience to guide and support the family through its times of change can be so valuable.
With the right plan and direction family-owned businesses can steer their way through with minimal distraction. Founders can be assured of securing their legacies and incoming leaders can be confident of growing the business successfully into the future.