People are the key to a successful business succession plan, but do we always pay enough attention to the human side of this critical business process?
For example, planning for a transition period should include knowing in advance:
- How well will you get on with your successor(s)?
- What are their beliefs and attitudes around money?
- How are they likely to treat your clients and your staff?
- What will be their role in your business before you depart?
- What are their strengths and how will these benefit them in your business?
- Ultimately, would you trust them to run a business well without you?
If you find yourself in a succession planning phase without satisfactory answers to these questions, my advice would be to get the answers you want or don’t proceed. Going ahead regardless will invite unecessary stress into your life and limit the chances of your business surviving.
We help our clients work their way through the human factors.
You’ve heard the horror stories about business succession. Don’t add yours to the list!