Recently, I spent time with old friends reminiscing about the “glory days” of high school athletics. We were lucky to be part of some excellent sports teams in our youth, teams that continue to perform well year after year. That longevity of success transcends the talent of individual players; it reflects a strong culture, good communication and thoughtful planning for the inevitable transitions that occur in players and coaches over time.
While just as committed to building lasting success in their family business, many business owners cringe at the thought of succession planning. They tend to think about the energy, emotion and expense of the process and instead prefer to focus on the current “season.” Yet without adequate planning for a smooth transition, an unforeseen life-changing event or two can seriously derail the business.