You’ve spent your lifetime building a successful business. All the while, you’ve imagined the nostalgic moment of proudly passing the torch on to the next generation and retiring somewhere sunny or maybe traveling the world. With more than 90% of American business
being family-owned, this generational transfer is often part of the American dream. Below are some tips help you start a succession plan early and ease any stress or frustration of transition.
1. Make sure they actually want it.
Getting your kids involved early helps build their interest in the business and strengthen their leadership skills.
2. Take it slow.
Gradually dispensing responsibilities and control gives your replacement the opportunity to increase their competency and build employee respect.
3. Openly communicate expectations.
Both parties should express their goals and come up with a plan to handle generational differences in things such as work ethic or technology.
4. Promote experienced advisors.
Start training current employees who would be best suited, in both ability and loyalty, for other key roles supporting the new chain of command.
Having a succession plan is crucial to the success of your protege and company.