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.
Five – Equity
In family business succession, being equitable doesn’t necessarily mean that everyone in the family is given an equal share. Equitable is more about fairness and putting in place a succession plan that will compound wealth across generations while ensuring family unity. This requires a strategic mind, great communication, an ability to hear and understand everyone’s point of view and a willingness to accept that you are releasing the past and now planning for an uncertain future.
These four short blogs will help you to grasp some of the varying views that will emerge while trying to achieve fairness in your succession process:
The Timing Of Transition And The ‘Skipped Generation’
The ‘skipped generation’ in family business succession is real and represents a clear risk to many multi-generational family businesses.
‘But Why Did You Send Me To Uni?’
‘I don’t understand. I’ve just spent the last five years studying, landed my dream job and now you want me to come back into the family business, why?’
You Can’t Make Their Decisions
Are you growing the capability, capacity and glue within the next generation?
A Place For Everyone And Everyone In Their Right Place
Successful businesses have the right people in the right places doing the right job. Transition is an opportunity to optimise this principle.
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
