Succession is all about passing on all of your harvest resulting from your hard work to the next generation or to your chosen heirs, whether or not they plan to continue on the business as its future leader.  Some questions you may ask yourself:

– Will your children be interested in the business and the responsibility that it entails?

– How to reward family members?  For performance only?  Because they are part of the family, regardless of their effort?

– How to instill in the next generation(s) the same values that you hold important?

Please read an excellent historical article from the group Tiger 21 about the worries of the wealthy for their children.  In the article, you are encouraged to consider those values that were important to you and kept you grounded as you grew your business to its success.  See link below for the article:

Addressing the worries of the wealthy article link

This is the reason why passing on, discussing and teaching about you and your values to your children is critical to a successful implementation of a succession plan.  I have written more about passing on values to your children in the article below.

Passing on values article link

Learn think apply!