Succession seems to be equated with ‘retire’ and that really scares the living daylights out of business owners.
So instead, think ‘transition’. Think about what role you want to transition into, in your business.
Rule number one is – ‘No surprises, ever!’ It sounds simple, and it is. Have the conversations, because no matter how worried you might be about them, they are never as bad as you think.
There are three core elements of an effective family business: honesty, fairness and transparency. These qualities are key to the longevity of an effective family business.
How these traits are recorded and communicated down the line is not only important but necessary. It’s easy … and it’s called a Family Charter.