You the entrepreneur have always run most, if not all aspects of the business.  However, you do seek outside help and input when you do not know a specific area of your business…such as having a tax expert help you in filing your company’s tax returns.

Many entrepreneurs think they fully understand succession and how to go about it?

The key to succession is not necessarily the end goal of having a succession plan. I find the more important aspect of a succession plan are all of the conversations with family members and stakeholders around the idea of succession and getting their buy into the plan.  The process becomes much more important than the end goal.  What was that?

The process of navigating towards a succession plan with all interested parties is more important than the end goal of the plan itself.

You may need to call on

– a specialist advisor in succession planning, or

– a counsellor specializing in working with families on succession.

Both of these types of advisors bring a different, often non-business, perspective for you to think about.

There are certain organizations that certify advisors in family succession and family businesses.  I am of the view that the best advisors are those with specific experience and a wealth of knowledge having served family businesses in the past.

Thanks.

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