Succession at times can certainly feel like you’re being pushed out of the business.
The kids want to step into management and control and your spouse/partner wants you to step away and spend more time with them, and potentially the grandchildren. You feel as though everyone is working against you, your lifetime’s work is not appreciated and you are fighting back. You’re not too old, not too sick and are still capable.
And apart from all of this, you still have not got the business to the point where you would like, so you can hand it over ‘nice and clean’.
If any of this sounds like you, you are sailing in troubling waters and it’s not going to get any easier. You will need to pause, take a big step back and get some help. The reality is if this is you, then you have left your succession planning too late and you need to catch up quickly. But to do so you will need to get a handle on everyone’s competing demands and your needs to find a way through. You won’t be able to do this yourself and an independent succession advisor is likely to be the answer.
If you don’t or can’t take the big step back, then family harmony will likely be out the door and, honestly, your life won’t be that enjoyable.
As a side note, I have seen a case where the founder was in their 80s and still getting the business ‘ready’ to hand over, but their eldest child had already retired from the business.
Active Knowledge Question:
Are you on top of your succession planning or are you hoping that it’s not yet time?
Succession started the day you commenced your business. If you haven’t caught up yet, you better get moving.
Searching for the world’s best succession solutions? Buy Transition – Orienteering The Five Lands of Succession.
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All the best in the success of your business,
Richard Shrapnel
