The traditional approach to preparing successors is no longer enough for family business continuity planning. Often, this approach emphasizes grooming a successor for a specific role. This may seem strategic: the successor will know all the ins and outs of the role they’re taking over. However, this approach is both harmful to the individual as well as the business.
When a successor is prepared for a specific position, they typically lack the adaptability needed for roles beyond their position. Unforeseen changes or issues cause them to freeze. They don’t know how to react. Or how to handle this change. Another detrimental result of the traditional approach to preparing successors is complacency. Over-preparedness for a specific position discourages a successor from participating in growth experiences. They’re trained to remain in their comfort zone. This prevents them from growing as an individual. And it hinders them from expanding and growing the business.
Read “Stop Preparing and Start Developing Your Successors” for practical guidance on how to prepare successors to take over the family business.
Read about the secret to a long-lasting family business here.
Become a Member for Your Expertly Curated Advice
Joining the Family Wealth Library means access to the information the legacy builders need to navigate family dynamics and protect our wealth. We can keep what is ours by managing familial challenges and building trust and transparency.