I had the opportunity to discuss Succession Planning over lunch yesterday with a Lawyer that specializes in Succession Planning.
We are talking about an opportunity to work together on Succession Planning
My role would be to help owners choose the right successor by using Values & Behaviors Assessments.
* Values = Why we do what we do.
* Behaviors = How we do what we do.
Values & Behaviors Assessments can be used to Benchmark the Values & Behaviors of the;
* The Business
* The Successor
I believe it was Ted Rogers that said, a succession plan should be ten years in the making.
What do these 12 names have in common:
These companies all tried to manage financial wealth with a lack of communication wealth.
They had no or incomplete succession plans.
This resulted in millions & millions in company losses and lawsuits.
In some cases they even lost the company.
In some cases family members have been banished from the company.
* 37% of business is family owned
* 70% don’t make it past the 2nd generation
* 90% don’t make it past the 3rd generation
All these large companies, built by very smart people, were torn apart by jealousy and suspicion.
The choice is to Understand or to Judge. If there is Judgment it is impossible to Understand. We Judge what is different or what we do not understand. When we understand we have empathy, respect and wisdom and we join with members of our business and family.
The choice is to Understand the Values & Behaviors of the Owner, the Company & the Successor.