We have outlined many pre-planning concepts for your succession plan. All this planning is just that planning. At some point, you have to move from planning to execution. The goal of all of this work is to find a way for an orderly succession of your business from you to your successors. What will that […]
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In my experience, a smooth and successful succession and transition of a business can take 10 years….or more. You may say, that is such a long time. You have to keep in mind that for most businesses, the day to day requirements and obligations in a business leave little time for the planning. In order to […]
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Communication. A pillar and necessary part of the succession planning process. The plan can best be developed with input from your interested parties. A cliche, well trodden, “A man/woman is not an island unto himself/herself.” You may be entering territory that is uncomfortable for you because you had done much of the operating and growing […]
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There will come a point in your succession plan where you will feel that you have reached success. Succession of your business is a journey, not a destination. You have to define what your milestones are. This can be different for each person, family and business. Winston Churchill said it well, “Never, said Prime Minister […]
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The headlines read: Tim Hortons CEO Don Schroeder to exit company immediately, Paul House steps in… “The board said it was already engaged in comprehensive succession planning for the CEO position as part of its strategic planning.” Wow, is this a succession plan gone awry? Why would the leader of a juggernaut suddenly quit and […]
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