It might mean they ultimately decide to opt out because they don’t like the new role or don’t want to take this next step.
It might mean they can identify where they feel they require additional skills development in order to take on the role.
It means you are able to move ahead with your own next stage of life and that you’ve proactively created the method to build the next stage for the person(s) who will take on leadership in the company.
Succession planning is a vital part of ensuring the on-going success and sustainability of the family business.
The second secret is that you can create simple yet very effective succession plans.
You can orchestrate the succession that best suits you, your business and your family.How will you know if they’re going to be any good at it?These are just the kind of questions that can make the process of succession feel daunting. The first secret to succession is that you can proactively address the need for a successor.If you’re not sure, now is the time to check that out.Create a strategic plan that will help guide the business forward.In fact, over the time you have allowed between when you identify the successor and the time that person fully assumes the role.It’s easy to forget that a transition means change for both you and the business.Planning for succession increases trust, decreases potential conflict and provides a foundation for making decisions.Companies who have a solid plan for succession are seen as more effective, professional and stable.However, few of us – unless forced to – can just stop doing.In order to be successful in this shift you will want to take some time to decide: Remember, you are creating a new role for yourself just as you are creating new roles for others in your business.