Succession planning

Episode notes

How to approach must-have conversations - 4m 34 Succession must be talked about but how do you bring it up and where do you begin? Dave and Oliver tell us that it’s all about understanding what you want to achieve and when. Identifying personal and family objectives is key. This then opens up a whole host of discussions about people - do you have the right people in the business right now? Is there anyone in the business with the ability to take on leadership and management responsibilities, and is there an appetite to take the business forward, either in the family or within the wider management team? This then leads on to a discussion about what options are available. Why it’s important to have a clear succession plan in place - 7m 16 A succession plan enables the family to evaluate what's important and at what stage that plan needs to come to fruition. But it's not just about the financial aspects. The succession plan has to touch on the family identity, wellbeing, what’s fair and not being divisive.

• Recipe for Success - The Story of How a Successful Family Business Transitioned Between Generations61 / 100
• The Great Transition - 2022 and the Acceleration of Succession55 / 100
• Family Business Funding in a Post-Pandemic World55 / 100
• Helping Next-Gen Family Entrepreneurs Forge Their Own Paths
• Succession: a personal story