This week I sat down with Mark Scanlon from the Next Transition Group. We talk about what happens when a business owner comes to the end of their working life. From inter-generational transfers to selling your business, a focus on succession is becoming even more important in today’s society.
Key takeaways for business owners:
- Talk – have the hard conversation – having a discussion with all stakeholders of a business to make arrangements, will have a positive result when the time comes.
- Take advantage of a family business charter – sit down with your family to establish a family DNA. ‘How does your family want to be recognised? How do we want to operate?’ and take this into account when implementing a business decision framework.
- Start planning now – having a succession plan in place, should allow any owner to comfortably transition out of a business – plus you never know what tomorrow will bring.
- Identify your successor – when looking to transition management responsibility, determine any gaps in skills and establish a development plan.
- Own your plan – seek advice, express what you are trying to achieve and determine how to get there.