Family Business Coaches and The Importance of Management Succession Planning
Management succession planning is more important today than ever before. Global competition is fierce and succession planning mistakes a successful business could absorb only a few years ago can absorb the business completely – hardly leaving a wet spot.
Not only is competition an issue of great contention – the business landscape in general has changed in so many ways, making effective succession planning far more difficult than it was just 10 years ago.
Not more difficult from a technical perspective or for that matter even a taxation related point of view. But more challenging none the less.
For family owned companies, who account for over three quarters of all businesses, effective succession planning is often very tough indeed, because personal feelings come into play.
Hiring a consultant is a good way to get a neutral viewpoint, to get a start on the process and even to get someone who can tell the next generation of future owners how you really feel about their chances of success running the business you’ve built.
A good consultant will help owners identify potential talent or verify that the talent is actually there – something often very hard for the owners (fathers, mothers, aunts, and uncles of the next generation) to do when their feelings get out front of their objectivity.
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