Relationships can deteriorate quickly in a succession process if open communications are not built and sustained. Often what is not asked and spoken becomes the barriers that block progress. Relationships between family members at first become icy and then go downhill from there. You should seek to ensure the ice never forms in the first place.
Active Knowledge Question:
Are you spending time with those impacted by succession to keep them abreast of progress and listen to any ideas, concerns or fears they may have?
The Twelve Dangers
There are many dangers that the traveller must be wary of and keep a close eye out for. Not only must they avoid these dangers but be proactive in protecting against them.
Danger: 3/12 – Glacier – Icy Relationships
Family members are not communicating with each other and are not participating in the succession journey.
Whether you intend to transition the business over to the next generation or just sell it outright to a third party, if you have family you will need to engage and connect with them if you want your wealth to compound across the future generations.
Siblings at times grow apart and do not have good relationships with each other, and this can be made worse when spouses and partners are introduced into the mix.
For an effective succession process to be conducted ‘good to excellent’ communications need to exist, and it will be your principal role to support this outcome. Often the independent succession advisor can be a catalyst for improved communications and relationships within the family.
The whole succession process can become the journey and the glue that re-establishes relationships and continuing connections.
This recent article, Building A Business Partnership Between Your Children, will help you develop strong relationships between family members so the ice can never form.
Quote From A Traveller:
“Smooth and fair transition for all parties. Continuity of business so that employees and clients are taken care of. At the same time, family members can realise the efforts put in thus far and to be involved in a less hands on approach as we age” – From A Family Business in Singapore
Part 3 of the series: 12 Dangers To Be Avoided In Succession
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All the best in the success of your business,
Richard Shrapnel
