A Topographical Guide To Family Business Succession
The transition of a business from one generation of family business leaders to another is not a single transaction but a journey through a diverse range of issues seeking an agreed pathway and overcoming many challenges to be successful.
It is a journey that thousands of other leaders have undertaken over many generations across all cultures and industries and their experiences and knowledge are available to those who seek to engage in this journey.
Succession is best viewed as a journey through a series of lands where there are tasks to be completed, guiding principles that make the journey easier and known dangers that can be avoided through preparation.
It is not a journey by a single person but a cross-generational team effort with guides at hand where they work together to orienteer their way through these lands from the very start to the summit, being the successful conclusion of the transition.
With a Topographical Map in hand setting out the journey to be undertaken, planning is simpler, resources can be mustered, and expectations are more readily managed. Don’t commence the journey until you studied and understand the journey ahead.
This short video clip speaks to this journey through the six lands of succession, guided by nine principles and avoiding 12 known dangers:
