Two words can send the most composed founder or family business leader into a spiral: succession planning. The next generation of leadership wants to talk about succession planning. They want to be prepared. And they want the support of the current leadership. But when they approach the current leadership to discuss continuity plans, they’re brushed aside. They’re told that “there’s more time” or their requests for conversation are ignored. Dealing with current leadership’s resistance is frustrating. They knew this was coming, so why are they fighting it?
It’s easy to judge and criticize current leadership for resisting succession planning. But Russ Haworth encourages the upcoming generation to put themselves into the current leadership’s shoes. How do you think they feel about losing their role in the business? For most family business leaders, stepping aside is heartbreaking. They’re giving up a part of their identity. They’re losing their sense of purpose. Understanding current leadership’s resistance to succession planning is the first step forward. What comes next?
Find advice and guidance on how to approach succession planning with resistant leaders in “How to get Mum and Dad to talk about succession planning in your family business.” Make sure you read until the end. Russ considers how the lengthening human life span affects talks of succession planning.
Read about how to approach succession planning with resistant leaders here.
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