Succession for your family enterprise is about thinking long term, beyond your immediate plannning and sometimes considers matters well into the next generations. In terms of timeframe:

– mission / vision / values, often have a 5-10 yr time horizon through planning and implementation and then are revisited and revised as needed
– your succession plan could consider 50-100 yrs, and if this is important to you, then succession can benefit your childrens’ childrens’ children, 3+ generations. Realistically, think your generation and the next 25 years.

When planning your succession, thinking long term about the business and how you will pass it on, on a regular, deep and periodic basis, can assist you and your team in setting benchmarks for your succession and how you define your goals and objectives for passing on the enterprise. As the saying goes, what is not measured is not done.

In summary, succession planning:

– affects decision making today
– does not detract from making day to day decisions, just helps chart the course for the family and the family business.

Why else did nautical explorers use a sextant; and use their north star as a guide?

Progress on your succession may seem slow but taking the time to work on your succession plan is progress in itself.

Learn, think, apply!