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.
Seven – The Role of Wealth
Wealth is a complex area in succession as it touches a wide range of issues. These include equity, sense of entitlement, future generations and governance to name a few. Wealth is not as simple as just ‘dividing up the farm’ and forms really the core of what family business succession is all about. Gaining an appreciation of the role of wealth in succession is essential to developing an effective succession planning.
These four short blogs will help you consider the range of issues that can arise under the heading of ‘wealth’:
Growing Family = Growing Business
One of the greatest barriers to a successful family business transition is a lack of wealth. How many mouths may your business need to feed in the future?
‘I’II Make Sure They Can’t Sell It’
In family business succession, imposing restrictions on the next generation usually backfires. It’s better to have honest conversations today.
Fish And The Entrepreneurial Spirit
Transitioning of a family business across generations should only be focused on seeding and nurturing the entrepreneurial spirit in that next generation.
When you think of succession, do you focus on the future and empowering the next generation to build on your hard work, or do think of just cashing out today?
Act Now To Ensure A Successful Transition
The Ultimate Guide to Family Business Succession
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All the best in your succession journey
Richard Shrapnel
