The succession of a business requires an abundance of conversations to work successfully. Many families with whom I consult often are waiting for an epiphany (or worse a serious health or other issue arises) to begin the conversation. Your takeaway today, start the conversation with your family. The challenge is what can we speak about with respect to succession?

The topic, as a suggestion, is best illustrated with an example. I have a friend, not involved in his 4th generation family business. His father, uncle and brother run the business. No, truly his father and uncle run the business. The brother just works in the business. The father and uncle have not directed effort to passing on the knowledge of the business. Both are over 80 years of age. What are they waiting for? I have encouraged my friend to begin asking questions of his father and uncle when appropriate. Rather than having a conversation centred around fear such as one day you will not be here in the business; I suggested he begin the conversation around legacy, pride and the family name that remains in the name of the business. Let us see how this goes.

Succession conversation starters examples:

– When might you begin to start the retirement process?
– Is there any special reason(s) why the business has been successful?
– Who are the key employees that you would wish to retain and why?
– Who are your most important suppliers and how have they helped the business in the past?

Try raising a topic next time when you have an opportunity. A significant chemical reaction is often begun by a seemingly benign catalyst. You can be the catalyst for succession in your family enterprise.

Learn, think, apply!