Many business people are successful having achieved their success by being great at something that other people would pay for and find value in why they pay you. Warren Buffett – analytical at buying great companies at good prices; Sergey Brin – the best platform for information ‎and accessing information. And the list goes on.

Let’s take this same concept to family enterprises that have succeeded in generational wealth transfer and prosperous businesses. Why and how have they been successful? In my view, intentional actions with a long term focus. ‎Most importantly, it took an advocate within the family that believed in the idea of keeping the business intact and more importantly, the family working together.  I was speaking with a family leader recently.  They are making capital expenditure decisions that have timelines of 20 to 30 years. That is generational thinking.

The concept of succession is simple; it just is not easy.

Many of the challenges faced by family enterprises have been addressed, successfully before. A growing body of knowledge and literature is widely available to assist families seeking guidance and assistance. However, it is the simple act of being intentional that will move the business along its succession journey.

Are you the succession advocate in your family enterprise? Think about learning more and what lens you are looking through as you contemplate the succession of your family enterprise.  There are

– ample resources on the internet, and
– experienced advisors who can guide you to your customized family succession plan.

The journey and the destination of a successful succession will be worthwhile.

Learn, think, apply!