“Dad won’t leave” is a common comment from the incoming generations undertaking the succession process – and, of course, sometimes it’s Mum who won’t leave.
There is an impatience by the new generation to get their hands on the control levers of the business and sometimes a conviction that they know it all. This is unhealthy and often leads to family disputes and, honestly, an increased resistance by Dad/Mum to actually leave.
Tension exists at various levels because:
- Dad/Mum don’t believe the kids have sufficient experience to take over and feels he/she needs to stay longer to get the business ‘in good shape’ to be transitioned.
- The kids feel their capabilities are not being recognised and they are not being provided with the opportunities to gain the right experience.
- Spouses and partners are just tired of the continuing tension and arguments.
- Management and employees see and sense the tension and walk the fine line in trying to keep both generations happy.
Effective transition requires both generations respecting each other’s contributions and finding the right timing for exit, and therefore entry, on a basis that works for all parties.
The future wealth of the family depends upon a clean exit and strong entry. This requires both generations working in unison. Even in families with the best of relationships, an independent succession advisor can prove invaluable in working this transition.
Active Knowledge Question:
Do you have family meetings to guide the succession process with honest but supportive conversations focused on clear succession goals? If not, then schedule your first family meeting now.
Searching for the world’s best succession solutions? Buy Transition – Orienteering The Five Lands of Succession.
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All the best in the success of your business,
Richard Shrapnel
