Succession is a journey that is a positive thing. Remember, you are taking active steps for an orderly transition of your business to the next generation. The majority of private businesses today have not begun to take these steps, for many reasons, lack of time, lack of interest and focus on short term goals. Succession is a long term strategy that will benefit you and will benefit, hopefully, your future generations.
So many family businesses have been successful in the succession of the business through multiple generations….why? They have developed, maintained and communicated the family brand, to family and other stakeholders.
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Good for you if you have started your succession journey. If you have not yet started, then begin to plan out your business’ succession. I have many suggestions and hints in earlier blogs for you to review and consider.
Learn, think, apply!