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Tag Archives: legacy planning

Life After Your Business: What’s Your Passion?

When you own your own business, it’s often your vocation and avocation. In a word – it’s your life. When it comes time to move on from your business and retire, though, this can be a problem. Too many business owners fail to take the necessary planning steps to transition their companies to the next generation of leaders, waiting until the last second to relinquish control. It’s not because of ignorance and it’s not because of laziness. According to a recent survey, 80% of … Read More >

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Employee Engagement: The Key to Successful Succession Planning

The focus of succession planning – as the name suggests – is planning the transfer of power and responsibility from the current leader (often the company’s founder) to a new generation of leadership (often the children of the founder). For family and closely held businesses, planning for a smooth transition involves much more than prepping a new leader, getting the financials aligned, and the legal documents signed. A company is much more than products, procedures, offices, and warehouses. The lifeblood of every company is … Read More >

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How a CEO’s Personality Affects Succession Planning

There are many tried and true steps family business owners can take to facilitate the smooth transition of power. However, while legacy planning has some science behind it, it’s also an art — which means any number of variables must be taken into consideration in specific situations. Perhaps one of the biggest is the CEO’s personality, which could play a significant and often unexpected role in determining how the future plays out for the company — absolutely in the short term and very possibly … Read More >

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The Cost of Poor (or No) Succession Planning

The value of succession planning and the steps that should be taken to ensure successful transitions are topics that have been often written about by leadership experts (including me). What is less talked about is the cost of a poor succession plan, or not even having one; the best case scenario will be chaos and uncertainty, and the worst case: the business fails. Successful business owners will go to great lengths to put policies and procedures in place to ensure day-to-day operations run smoothly … Read More >

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