Succession is about thinking long term, beyond your immediate plannning and sometimes considers matters well into the next generations. In terms of timeframe:
– mission / vision / values, often have a 5-10 yr time horizon through implementation and then are revisited and revised as needed
– your succession plan should consider 50-100 yrs, and if this is important to you, then succession can benefit your childrens’ childrens’ children, 3+ generations
When planning your succession, thinking long term about the business and how you will pass it on, on a regular and periodic basis, can assist you in setting benchmarks for your succession and how you define your goals and objectives. As the saying goes, what is not measured is not done.
In summary, succession planning:
– affects decision making today
– does not detract from making day to day decisions, just helps chart the course for the family and the family business
Progress may seem slow but working on your succession plan is progress in itself.
Learn, think, apply!