As a business moves through its natural lifecycle and evolves, it faces many challenges along the way. The challenge of survival during the start-up phase is followed by the many challenges associated with growth. As a result, owners are usually dealing with the day-to-day requirements of running their business and overlook or defer succession planning “until tomorrow.”
Ignoring or repeatedly putting off this important task can eventually lead to an organization’s demise. Less than one third of businesses survive the transition from the first to the second generation — and even fewer make it past that. Planning and assembling the proper team is an important part of survival, success and sustainability.