Why? Succession is the important yet often overlooked aspect of family enterprises. Wealth can be a blessing and a burden at the same time. As a consultant to family enterprises for the last quarter century, I have learned some helpful tips about what steps can be taken to ease the transition of a business from […]
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Transferring knowledge about your business takes a long time. You have to start right away. My suggested first step, documentation. Your business is complicated and has lots of moving parts: 1. Suppliers 2. Employees 3. Customers 4. Production methods 5. Intellectual property 6. Accounting and record keeping systems …and most importantly your brand. We will […]
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Many have written this about this proverb, “From shirt sleeves to shirt sleeves in three generations”. I will repeat it as it tells a great story about a family who does not address succession with sufficient time and effort. First generation starts off with virtually nothing but amass wealth. They usually do it without making […]
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Who will operate your business, when you are no longer directly involved in the day to day operations? Have you considered passing on some of your knowledge to your key family members and/or employees? One important person in your organization is your Chief Human Resources Office (CHRO). This person can help to cement the foundation […]
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In general terms, the business succession process takes time, and more importantly, planning, and should include the following steps: Determine whether business succession can take place within the family or if outside parties will be needed to make this succession successful, Develop your businesses’ succession plan, Chart the course for the implementation of the plan, […]
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