This cartoon is intended to be hyperbole about business and family succession.

Maybe you should think about what you are doing right now for the succession of your family enterprise.
Are your heirs financially literate? Do they understand the business? Are they yet involved in the business?

Some wait until it is too late…what are the potential and disastrous results?

– lose the interest of the next gens who are tired of waiting for their turn to make their mark in the family enterprise
– sudden health problem leaves you unable to put into place a timely succession plan
– business grows beyond your personal capability
– the pride of ownership is difficult to achieve because of the larger number of family members in the business
– competition (unhealthy) amongst family members for leadership positions
– poor communication and documentation around the difference between ownership (dividends) and employment (salary)

These are some of the pitfalls of not acting early enough to set in place some succession planning. An article to get you started here: Article on starting succession

Addressing even one of these issues and thinking about how you will formulate a strategy and then communicate this with your family and leadership team is a good start. The internet is awash with a plethora of thoughtful succession articles on approach and strategy. I know your days are often filled with simply running the business. Beginning your succession planning is like planting a seed today. Click here for an article Plant a tree article.

When to start?  Today.

Learn, consider, apply!