Tips and Tools for Small Business Leaders July 2021 The Inspire Results newsletter is published twice monthly
Succession Planning for Family Business
-- Is your son or daughter not taking the reins of the family business with enough energy or fortitude?
-- Are you afraid to step on your brother’s toes by continuing to push through your idea?
--Mom or Dad showing signs of forgetfulness?
We’ve led many small business owners through the successful transition of leadership. Succession planning for family business is never easy. The complex dynamics and multi-layered relationships that exist in family businesses make company leadership exceptionally challenging.
And this is never truer than when it comes to talking about the transition of a family business from one leader to the next.
Succession planning for family business statistics 74% of family business owners plan to turn the business over to the next generation.
But 12% of family businesses make it to the 3rd generation.
There’s often “… a complete disconnect between what the incumbent leader is privately planning and what the next
generation is expecting.” {PWC US Family Business Survey 2015) We’ve certainly found this to be the case in our experience. The current leader has expectations that s/he hasn’t shared, and the potential new leader(s) also has expectations and the chances of everyone’s expectations being different are pretty good.
Discover the potential in your business
by completing your Single Sheet Business Plan. Then break it into quarterly, monthly, weekly & daily goals and get a line-of-sight from your daily tasks to your 10-30 year purpose. Step out of the day-to-day business for just 1 day, get organized, complete a prescribed planning process, and walk away with an action plan that leads to greater profits and free time back.
Get more out of your business in the next 90 days than you ever thought possible!
For owners & leaders of small to
medium sized businesses. Bring your 2nd-in-command or your whole leadership team!
Holiday Inn Indianapolis Airport 8555 Stansted Road, Indianapolis 46241
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“Working with Natalie has helped us focus on the areas we can truly improve our business, areas that we have often ignored or felt we didn't have time for in the past. I would recommend Natalie to any business that feels stuck trying to take their business to the next level.”
“One of the things we often miss in succession planning is that it should be gradual and thoughtful, with lots of sharing of information and knowledge and perspective, so that it's almost a non-event when it happens.” - Anne M. Mulcah
