Giving purpose to the outgoing generation of leaders in a family business is an essential part of their transition. A good step is to create a Family Council
for them to transition into, allowing them to offer more insight particularly on the culture and values of the business.
“The job of the incoming generation is to increase the value and to maintain the values” it is the job of the senior leadership to educate the upcoming leaders on the values of the business.
Succession planning is a form of strategic planning, as such, families should consider commencing strategic planning right after planning for succession.
“The longer you wait, the fewer the options you have.”
In this week’s podcast Episode, Brad Franc takes us through his 6 Step Succession Solution and how all families can benefit from better planning for the inevitable succession of ownership, management and knowledge.