Nearly 40% of family businesses expect to transition leadership in the next five years. Yet, 70% don’t have a succession plan in place! Regardless whether your family business plans to transition leadership in the immediate future or further down the road, you don’t want to be part of the majority who don’t have a clear path forward. The first step in succession planning is creating a strategy.
And it doesn’t start with naming the successor.
The best strategy starts with your leadership development efforts. Consider what decisions the Next Gen may face, and determine what skills they will need to develop to succeed.
After you’ve established a leadership development plan, then you can move onto steps two and three, which you can find in this article.
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