The journey through succession is unique and fraught with bumps. The goal is simple; ensure an orderly transition of your business, governance and wealth to the next generation(s). However, you can expect that due to personalities, communication styles and differing interests, you will encounter some challenges. This is normal.

I liken the succession journey to real estate development, with which I have had some experience. The end goal is simple. Find a well placed piece of property (dirt) and add value in some way, typically creating a building. The challenges faced by the typical developer with partners, lenders, city officials and special interest groups, make this simple plan, often charged with emotion and challenges. Those developers with fortitude are able to weather these challenges and ultimately succeed. And for sure, any successful developer has faced most, if not all, of these challenges….and patience is often needed to realize the benefits of a thoughtful plan.

So, how may I suggest that you can manage through your succession plan?

– do not give up
– communicate, communicate, communicate. If you need help, facilitators can often smooth over communication challenges
– seek outside advice from experienced advisors. Others have encountered many of the obstacles that you have or may face

I hope this may give some perspective and help you initiate or continue your succession plan.

Learn, think, apply!