Having conversations around succession are difficult.

It can feel like you are admitting to yourself about your own mortality,

…to some entrepreneurs, a sign of weakness.

Undoubtedly, the outcome and the benefits are exactly the opposite.  A strong person can face the challenges and also face fears to open up the dialogue with the most important people in his/her life.  What does that dialogue look like.  This conversation(s) can take many forms.  You have to find the means and the words that work for you.

Here are some suggested guidelines and important aspects of the conversation:

– the business is strong

– my hope is that the business will be here for the long term, a legacy to the family

– I am healthy and plan to be around for a long time

– the orderly transition of the business to its next owners is important to me

– this will take some time

– I need your help and your input

We will elaborate more on these in future blogs.

Thanks for reading.

Learn, think, apply!