How can you open the conversation around succession and your future retirement from the business with

1.  your spouse

2. your family members

3. your employees

Let’s first focus on your spouse and family.  First your family should be part of the journey to this time of the development of your business. They have provided to you the stability and support through all of the good and the challenging times.    The best thing that you can do is first thank them.  We never acknowledge sufficiently those around us who play an important role.

Just starting the conversation that you will not be staying with and in the company forever is not only a personal acknowledgement.  It can also be the catalyst to start the succession process.

Your spouse – have you helped your spouse, whether or not interested, understand the key players in your business and if you have a management team, at least their roles and importance to the business?  More importantly, who has been the consigliere for you for your business and your family enterprise.

Your family members – have you made plans for the succession of the business and the possible role(s) your family may play in the succession plan?  and more importantly, have you discussed these plans with your family?

Your employees – if you are not there, can your business continue?  are all of the key relationships and business know-how only in your head.  First step, write it down.  Second step, share with trusted persons so that the knowledge does not solely rest upon you, the goal of which is to make yourself replaceable = a successful succession plan.

A strategic and thoughtful approach to these critical and challenging conversations will move you a long ways towards your succession plan.

Learn think apply.