Why Training and Experience Are Essential For The New Gen.

A series for those journeying through family business succession.

After you have worked in a business for more than 40 years it’s unlikely that the next generation following in your shoes will have your experience. So don’t expect them to.

If there is a lack of experience, then it’s a challenge you need to address quickly. But it is not a reason to hesitate.

· How your industry works and the traps for younger players.

· What has traditionally made a business a success in your industry.

· Who the key clients and suppliers are, and how to build strong relationships with them.

· Who your key competitors are and how to out-compete them.

· How to work with financiers, bankers and government regulators.

· Managing your workforce.

· Negotiation, settlement, mediation and litigation etc.

· Yourself and your strengths and weaknesses, and the team you need around you.

· And so the list can go on.

And, of course, there are then the personality traits that are necessary for a person to be successful in your industry. For example, construction and retail are very different industry sectors.

You should sit down now and create a list of the experience that your incoming team needs to gain quickly and then develop a plan to help give them some of that experience. The longer you delay, the less time they may have to learn while you are still able to assist.

#familybusinesssuccession #familybusiness

An Invaluable Resource — ‘Transition — Orienteering The Lands of Succession’

A Topographical Guide To Orienteering Family Business Succession



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