Are you preparing for the future of your family business? Whether you’re just starting your business or nearing the end of your career, it’s always a good idea to think ahead. Family business succession planning doesn’t have to be overwhelming or intimidating. Trust The Transition Strategists to help take the mystery and strain out of transferring the ownership of your business. Keep reading to learn more.
Beginning Family Business Succession Planning
You might be surprised to learn that our first principle of successful business transition planning is not as much about your business so much as it is about you. We ask you to put relationships first. While this principle can seem counterintuitive when it comes to business strategy, nothing is more important. Even after you have transferred the ownership of your business, your relationships will remain. We suggest that you take time to reflect on your relationships – family, friends, and business. Which relationships are most important to you? What do those relationships need to thrive?
Once you’ve identified your important relationships, how will you enhance and protect these relationships during and after your transition? Some transfer options might be good financial moves but can hurt someone you love and damage relationships.
Valuing personal relationships is one of the many reasons Transition Roadmap DeveloperTM is different – and we think better – than other succession planning systems. Because 100% of the owners who have completed The Transition Roadmap DeveloperTM have successfully transferred their companies to their successors and are living happy and meaningful lives.
Considerations for Your Family Business
Something to keep in mind as you plan for your business’s future is its role in your family. If your business has been in your family for generations, you might feel a responsibility to ensure the family legacy. Even if you are the founder of your business, you want to see your children and grandchildren carry it on when you are ready to retire. For some families, generational transfers work perfectly: someone in the next generation learned the ropes and is willing and ready to assume leadership. For other families, that’s not the case. No one is willing or ready to take the reins and that reality can be difficult to manage or accept.
As you’re planning for the future of your family business, you might ask yourself: is it essential that my family carry on this business? Is it important that the business be family-oriented? By hiring The Transition Strategists to help you plan the transition of your family business, we help you move onto your Next Adventure with peace of mind.
We put people first. We focus on the relationships you have and keep them whole. Contact us today to set up a free consultation with one of our strategists.
Elizabeth Ledoux is a co-author of the award-winning It’s A Journey: The MUST-HAVE Roadmap to Successful Succession Planning, as well as Accelerate Your Entrepreneurial Flight and Understanding the Growth of the Entrepreneur. She frequently speaks to organizations and business owners about challenges and opportunities in private and family business transitions, business and individual growth, and the business succession journey.