The combination of family and business is always a challenging one – and never more so than during the changing of the guard. As I’ve seen first-hand, both during my travels as a succession planning speaker and in my experience taking over my family’s business, firm boundaries, and indisputable objectivity are essential to the succession planning process. As a succession planning speaker, I’m often asked for common succession planning scenarios in which a Board of Advisors can be particularly helpful.
In my travels on the succession planning speaker and business turnaround speaker circuits, one of the most popular topics of discussion is leadership talent. My clients wonder: when is the right time to choose one’s successor, and what kind of leaders should they be looking for?
Here is the second blog in my Succession Planning Blog Series. The blogs in this series are designed to provide you with steps you can take as you travel down the road on your own succession planning journey