One hazard that you have to consider while planning and then implementing your succession plan is the potential of taking your eye off of the ball.  In the sports context, this will mean you can miss the pitch, leave your putt short, hit your down the line shot wide because you are more focused on the “win” rather than taking the tasks “one shot at a time“.  You have to remember what made your business the success that it is today.

Sometimes it is helpful to “be present in the moment“.

This is a malady that often happens with businesses when they embark on significant planning whether it is succession or developing a strategic plan or launching a new product line.  The organization’s entire focus becomes the new plan or direction, sometimes forgetting the basics and keys to the current businesses’ success.  I have seen this happen countless times.  To avoid this from hobbling your business, you should have a designated team/person in place to continue to focus on the now and immediate, especially on customer service and HR to ensure that your key customers and stakeholders remain as a top priority.

As you take on and move through your family’s succession planning process do you:

  1. have someone like a COO who can keep their eye directly on the current business to ensure that it is operating effectively?
  2. engage an outside facilitator to help the succession discussions remain productive and keep the process moving forward?, and
  3. define clear timeframes (or expected ones) and milestones which define success or that you are making some headway on the succession process?

This commentary in no way is intended for you to curtail your succession process; just reflect on that process to ensure you have all the helpful components to enable your family to progress with the succession plan.

Just more of a reminder to think about the important aspects of the business which made it successful in the first place.

Check out some posts about succession here: @successiontoday

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