“Succession planning doesn’t have to be complicated”
We all know we need one, but why is it so hard to prepare a succession plan? One of the most common reasons is the difficulty in just getting the process started.
Good news. You may have already started without even knowing it. Try using an existing company organization chart with some modifications as a starting point. More…
There’s nothing like a crisis for creating a higher sense of urgency in succession planning
In January, a 7-year old girl was the miraculous lone survivor in a tragic plane crash that took the lives of both of her parents and her cousin. The parents were the owners of a second generation, 50-year old family business, Gutzler’s Furniture in Nashville, TN.
The Chicago Tribune reported, “Employee Troy Dunbar said a steady stream of people “from all over” was stopping by to offer condolences. Dunbar said store employees are doing OK in the aftermath of the crash, saying “the show must go on.”
Read the whole story here.
If Tragedy Strikes – Are You Ready?
With the majority of family businesses not having succession plans in place, these stories are becoming more common. If you don’t have a succession plan, you’re not alone. Less than 30% of family businesses have prepared a formal succession plan.