The importance of establishing and setting goals before you commence your journey cannot be overemphasised. Obviously, if you clearly articulate your goals and keep focused on them, the likelihood of delivering on them is much greater. But many succession journeys have vague or ill-defined goals that have not been tested nor validated as the right goals and, most importantly, achievable goals.
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. 2/7
Three Selected Articles:
‘Why Don’t We Just Sell?’ #succession
Sometimes just selling the business is seen as the easy answer to succession, but often it is also the wrong answer. If you are considering selling your business then look at the implications from a net wealth, unity and legacy perspective.
Active Knowledge Question:
Have you considered the impact of selling the family business well beyond just the immediate financial impact?
Fish and the Entrepreneurial Spirit #succession
Transitioning of a family business across generations should really only be focused on seeding and nurturing the entrepreneurial spirit in that next generation.
Active Knowledge Question:
Are you allowing the next generation to discover whether they have an entrepreneurial spirit?
Whose Vision Of The Future? #succession
Once you enter the transition journey, you must consider whose vision of the future counts the most, that of the current leadership or the next generation.
Active Knowledge Question:
How are you supporting the next generation to craft their future vision of the business so that your experience is blended with their passions?
Exit Check
Before you leave this Land Of Goals, have you developed a clear set of outcomes agreed to by the family and other key stakeholders against which you can clearly assess your progress?
An entirely new level of performance.
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All the best in the success of your business,
Richard Shrapnel
