Your Business in the NEXT GENERATION

“Man…my kid is gonna kill my business.”

How do I respond to that? I don’t have any idea of who your kid is, his character, or his drive to succeed. Is he a hard-worker or a lazy ass? Doesn’t matter. The reality is that he just might be the one running your business someday and you better have a plan in place to help aid the transition. So what are some things that you should keep in mind with your business succession plan?

1)   Honor Thy Values – If your business is family owned, your succession plan should reflect your family values. In the same manner that you carefully plan the management or financial structure of your business, the values structure must also be outlined with a clear, focused direction.

2)   Know Thy Successor – Don’t hand pick him at the last second. Whether it’s your son or your best employee, the successor needs to be fluent in everything that is YOUR business. In other words, he needs to speak the same language as you, walk the same walk as you, and talk the same talk as you. And I think you’d be the first to say that it took YEARS to develop that pop in your step, so don’t expect him to learn it over night.

3)   Build in Advance- You never want to be forced into succession planning based on a sudden death. A well-organized succession plan could be the safety net that your business falls into when something unfortunate happens. Worse case scenario, it’s the calm voice of reason that seamlessly transitions your business to a new era…while you’re sitting on a beach in retirement paradise.

 

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