In succession you will often hear the older generation say, “I want to see the commitment of the younger ones. I want to know they are 110% committed to the business”. While the younger ones say, “I am never listened to and always put down – is it all worthwhile?”
Succession is a two-way street, a two-way commitment.
It should be seen as an equal partnership. A partnership to transition – one generation in and one generation out. This is very difficult for both generations.
The older generation taking the younger generation under their wing to share their experience while accepting that they will bring new ways to the business, ways which should not be rejected out of hand. And the younger generation, on their part, not mocking the older ways, ways built through experience.
Succession can only commence with a mutual and understood commitment.
Active Knowledge Question:
How does your family view succession – obligation, entitlement or generational transition? It should only be seen as a partnership, so if it’s not, move these goal posts today.
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All the best in the success of your business,
Richard Shrapnel
