Conditioning for Transition In 2018
Family business succession is not a single event, nor does it occur overnight. It requires preparation and conditioning before being attempted. During the months of December and January, Orienteering Succession will present nine key themes from the 2017 series that remind us of the conditioning required.
Six – Communication, Listening And Honesty
In family businesses many things are assumed and much goes unspoken. Good communication seems to be a skill that is rare in family businesses, but is essential for successful family business transition. And there in lies the problem. Succession requires frank, honest and open conversations where all parties are willing and able to firstly listen and then secondly speak honestly about what they are feeling and thinking. The inability to communicate effectively is the achilles’ heel of many families when it comes to succession.
These four short blogs will help you to appreciate some of the aspects of good communication in succession:
There are two family business transition issues that can gravely undermine the succession process if not addressed correctly: engagement and stewardship.
Thinking about succession? Start communicating and sharing your thoughts through family meetings to build understanding, awareness and a shared commitment.
Family business succession is not easy, it is often very personal and sometimes it just seems easier to defer decisions, however, this can be fatal.
Would you rank your conversational capacity as a family business as 10/10?
Act Now To Ensure A Successful Transition
All the best in your succession journey