The journey into and through a succession plan is fraught with difficulties and challenges. Why? You are dealing with human emotions, hopes and dreams which can be unpredictable. The goal is to handle and work through these challenges. The best way…communication with intention and clarity.

Think about what could be the sticking points and what your objectives are to make succession work. Then float out (or soft pitch) the trial balloon with the person or persons in your family. This means having one on one meaningul conversations. ‎ Difficult? Certainly. But these can go a long ways to moving forward your succession plan.

A couple of ‎examples:

– your two children are both working in the enterprise in leadership roles. How do you divide authority between the two to avoid sibling rivalry?

– ‎you have decided to divide your estate between your 3 children 50:25:25. You wish to avoid the inevitable fight between siblings. You wish to explain to your children the responsibility that wealth carries with it. Each of them will have more than ample for their lifetime/lifestyle and you wish them to preserve their family relationship

Some challenges certainly lie ahead.

Learn think apply!