Succession Planning Should Be Part of Family Business Strategy
Too often CEOs of a company will procrastinate the succession of their company to the next generation. This may happen since the idea of retiring from a business can be too difficult to embrace. Another reason is if the CEO decides to hand off the reigns to the family, there could be a dispute about who should take charge. To avoid problems with succession your best bet is to identify the next leader and start “defining goals and outcomes.” Checking in with the successor and transferor frequently is very important to make sure they remain aligned and keep the same goals in mind. To conclude, “The key is to take action well in advance, and get the house in order operationally to allow for coherent transitions in leadership that can be repeated for generations.” Be sure to check out the link for more information about succession planning.
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