“Opportunity is missed by most people because it is dressed in overalls and looks like work.”
Thomas A Edison
That is exactly what succession planning is – hard work! It is the final and lasting measure of a job well done, our life’s work coming to fruition.
Most of our clients will tell us that they have been and continue to be driven to achieve their outcomes for the benefit of their family and future generations but when it comes to ensuring that that outcome is truly achieved, most, sadly, fall short.
We urge business owners not to be afraid of what they cannot see.
When we begin the process of succession planning with families the most challenging and confronting aspect is that the outcomes are not prescriptive and they are not pre ordained. It requires business owners and families to trust the process and indeed not to be afraid of not having the solutions up front.
An effective planning process is just that, a process.
One that up front clearly reveals and identifies needs and then works collaboratively toward establishing options to consider and finally decide upon which meets the collective needs of the family.
True succession planning provides business owners with the opportunity to leave the ideal legacy which is to provide options so that those family members who want to continue the business have an opportunity to do so and those family members who are better served in other ways have that opportunity as well.
We can have it both ways when we start early and engage in a facilitated process provided by specialists in family business succession.