Succession.
Two components are critical to the longevity of a business.
1. Succession of the business from one generation to the next, and
2. Succession of the key management.
Many progressive businesses are (thankfully) proactively working on family ownership succession. This would include engaging the next generation and having lots of conversations. It would also include getting the business more systematized and documented to facilitate this future transition.
Sometimes and often less attention is being focused on the key non-family management of the enterprise. What happens if that skill set within a key manager leaves or retires? Have you established a plan to share the knowledge so that the knowledge becomes part of your enterprise rather than residing within an individual. This is beneficial not only to preserve this knowledge, but can possibly leverage this knowledge for making the business more strategic or stronger.
Have you addressed both sides of succession or yet begun your journey?
Learn, think, apply!
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