The Land of Decision is about pulling everything together, making your decisions, finalising your plans and making it all happen. It is only once you have passed through this land that your succession process can be considered completed and in play. It’s the land that will test how well you have traversed through the other five lands and whether you have prepared yourself, your family and your business well enough to withstand the rigours of succession.
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. 7/7
The Journey & Three Selected Articles:
The Journey:
‘A traveller must journey from the starting point through each of the five lands to reach the sixth Land of Decisions and the final base camp before attempting the ascent to the summit.
During the journey, they should avoid the various dangers and gather each of the guiding principles. They should also stay at each of the base camps during which time they’ll need to undertake various tasks to prepare them for the next stage.
Succession is the process of enabling the compounding of wealth from generation to generation whilst ensuring family unity, individual growth and a sense of contribution.
Succession is the most important journey any business person will ever undertake.
Succession will write their history.’
… How well have you written your history?
Three Selected Articles:
A Commitment To Deadlines #succession:
Succession is not easy and it is often very personal and sometimes it just seems easier to defer decisions. However, this can be fatal to achieving a successful outcome.
Active Knowledge Question:
What processes have you put in place to ensure the ongoing confidence and support of your family/shareholder group?
Be Careful Who You Ask #succession:
In family business succession, often the family leader will ask peers, advisors, friends and family for their advice on how best to approach succession or a particular issue. This can have a disastrous impact on the intended outcome.
Active Knowledge Question:
Have you written a crystal-clear list of goals for what you are seeking to fulfil from your family business succession process?
Build Independence Not Dependency #succession:
Wealth can be a double-edged sword. Whilst it can bring many privileges it can also close off many opportunities, which may have profound effects on the welfare and prosperity of future generations of your family.
Active Knowledge Question:
Have you developed, communicated and stuck to a clear plan on distributing wealth to the next generation?
Exit Check:
Before you leave this Land of Decision you must have:
- Consolidated all the outcomes from the five lands – Goals, Family, Legacy, Wealth and Business.
- Confirmed your succession goals.
- Developed the Goal Achievement Plan to make it all happen.
- Commenced delivery in accordance with that plan.
An entirely new level of performance.
Want to become a part of the Entrepreneurs+ Community and learn how to make your business competitively fit? Join now.
All the best in the success of your business,
Richard Shrapnel
