Your legacy is not what you leave behind but what you are creating for the future. Yes, it is your footprint but, more than that, it is a foundation for future growth and prosperity. Importantly, it is not so much about what you did during your lifetime but what endures and continues to grow once you are no longer involved. In fact, your greatest legacy is probably if your business continues without you and achieves even greater success than you had. It was the foundation you laid that has likely allowed it to achieve this success.
Conditioning For Transition In 2019
Family business succession is not a single event, nor does it occur overnight. It requires preparation and conditioning before being commenced. During the months of December and January, ‘Orienteering Succession’ will revisit the journey of succession and each of the lands that will need to be crossed.
Summer Series – No. 4/7
Three Selected Articles:
One of the most powerful succession assets that you have built over the past few decades – and possibly much longer – is your family’s story. The story of how you have built your business, overcome many challenges, pursued your vision, and remained true to your values. It may seem insignificant to you, but to your future generations, it is golden.
Active Knowledge Question:
How well do you think your children, grandchildren and great-grandchildren know the story of your life and that of your family?
Creating Leaders In Family Businesses
The most enduring, and some of the most successful, businesses in the world are family businesses. These businesses rely on each generation creating the next generation of leaders.
Active Knowledge Questions:
- How do you approach creating the next generation of leaders in your family and business?
- Have you thought about what this process may involve?
Building A Business Partnership Between Your Children
There will come a time in which the management of the existing family wealth and businesses will transition to the next generation of the family. No matter how well you have documented how this transition is to occur, its success will depend on the business relationships you have built between your children.
Active Knowledge Question:
How are you actively developing the business relationships that exist between your children?
Exit Check
Before you leave this Land of Legacy you must have:
- Built an enduring legacy through a business that will grow without you.
- Identified and planned any other initiatives that reflect the legacy you wish to establish.
- Built the foundations for the new leadership team?
- Developed a governance structure that will underpin and support the future of your business?
- Identified your next CEO and Advisory Board members.
- Ensured that your legacy will not feed any fiery conflicts and in fact will quench them.
An entirely new level of performance.
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All the best in the success of your business,
Richard Shrapnel
