Everyone walks into family business succession with assumptions—most of them wrong. Founders believe they have more time than they actually do. Successors assume they’ll step seamlessly into leadership. And everyone underestimates just how complex—and emotional—the transition will be. But succession isn’t a simple A to Z process.
One of—if not the most—common misconception about succession planning is the belief that succession is solely about choosing the next CEO. Senior business owners tend to focus on finding a successor for their role (CEO). By doing so, they often neglect the need to plan for other leadership positions.
Effective succession planning isn’t about replacing just one person. Instead, it’s about restructuring multiple leadership roles, such as COO, CFO, heads of marketing, technology, HR, etc. These roles need to fit together strategically in order for the business to succeed.
Learn about two other common succession misconceptions in “Who’s on First? Successor Myths and Misconceptions.”
Read about the common misconceptions about family business succession here.
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