When it comes to family business, succession really does reflect the circle of life, and it is not just about planning but doing it and recognising all of the consequences, many of which may be emotionally charged.
Getting the succession process right with good communication to all stakeholders can be the right journey for the business and increase the potential for long term family harmony and success too.
As an entrepreneur, it is exciting and easy to look forward and dream about building your business. For multi-franchisee owners, this includes building and implementing a strategy to open more stores and/or diversify your brand portfolio. Rarely are the impacts of the "unknown" considered while dreaming big about growth and the future. More so, when the term "succession planning" comes up in conversation, the topic is quickly changed to something more exciting. To many owners, the idea of succession planning reflects the end. It is considered a strategy for a buy-sell, an exit, potential retirement, tax planning, and what happens to the estate after death. The reality is that succession planning, regardless of the misconception, is really about the beginning.