In the midst of this global crisis that we’re all navigating together, most business owners and leaders are focused on basic survival. They’re exploring the nuances of a (suddenly) remote workforce, looking for creative ways to recoup unexpected losses, and pondering substantial operational pivots to adapt to an ever-expanding “distance marketplace.”
In times of crisis, employees look to their leaders for reassurance as well as inspiration. They want to know that the company they work for is going to survive the current challenges—and hopefully, one day thrive. We have never before seen the global economy hit “pause” in this way.
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
Handing Over the Reigns is a must read for anyone who is contemplating passing their business on to the next generation. This book is based on Richard’s experience in a 4th generation 100 year old family business and from the work he has done with many other privately held companies in the UK and USA.
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