Succession of your business and the family enterprise by its very nature requires you, the owner, entrepreneur, founder, patriarch/matriarch to LET GO!
Can you do this? This takes a whole lot of trust, and sometimes a leap of faith; because your successors may and probably will not do things exactly the same way that you would do them.
At some point, you will not be guiding the firm and your successors will be and the timing and choice for this change is sometimes beyond your control. Succession will only be successful if you let your successors take the helm, especially if you still are there to be their co-captain. Sorry for all of the jargon but this is the opportunity for them to learn how the business operates and flex their creativity.
You have to let them experience failures. You can even watch them head down the path of a mistake and learn to hold your tongue. Let them fail (maybe only in a small way) or even better let them try to go down a path different from what you would have done and this can result in a different type of success.
Both of you will be better for this. Generally, a mistake is not a catastrophe; it can be looked upon as a good learning experience for them, as long as the mistake/failure does not cripple the firm. This is probably the toughest position to be in, when you see a mistake being planned or about to occur. I firmly believe in the principle that people can learn from their mistakes.
Also holding off from telling your successor what to do and letting them learn what to do will make your business stronger in the longer term. See the attached video for some thoughts in this regard.
I wish you and yours all the best this holiday season. May you have peace and good health!
Learn, think, apply!
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