Succession is a journey, and there are dangers that the traveller must avoid. Not seeking advice from an experienced guide and losing your way is one of the first dangers to be avoided.
Active Knowledge Questions:
Have you planned your succession journey with the advice of an experienced guide? And will they be accompanying you on this journey?
Danger: 1/12 – Lost: A Forest
The traveller has not sought advice from an experienced guide and has lost their way.
Succession can be a treacherous journey even for those who have treaded the path before and many a family have faltered and failed in their succession attempt by travelling alone. The calm voice of an independent succession advisor can be invaluable as they bring a reasoned and objective voice to the table.
Every business is different, every family is different, and every individual is different, but the journey of succession is a common trail, and the strategies, barriers and dynamics for succession can be applied to assist you in your journey. An experienced independent succession advisor can use this knowledge and guide you through your journey. Their map of succession will allow you to orienteer your way to the successful outcome you seek.
It is also challenging to step outside a process, to see the forest for the trees, to know where you are and where you should go to next. Find the right advisor (a professional not a friend) and allow them to guide you.
Quote From A Traveller:
‘Outside help is surprisingly valuable. My father and I have a great working relationship and a great relationship outside of work. Open communication flows smoothly. I think our situation is one where succession is as simple as it can possibly get. That said, we still needed to bring a 3rd party in to help get us over the hump of the transition’ – From A Family Business in the USA.
Part 1 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
