There will come a point in your succession plan where you will feel that you have reached success. Succession of your business is a journey, not a destination. You have to define what your milestones are. This can be different for each person, family and business.
Winston Churchill said it well, “Never, said Prime Minister Winston Churchill, was so much owed by so many to so few, and, on Wednesday, the nation will celebrate the RAF’s victory over Hitler’s Luftwafffe.” Churchill was facing a grave situation when Britain was the last western country left standing in Europe in WW II. His definition of success, initially was simply survival of the mass bombings. Then he, along with the Allied Forces, were able to muster the forces to land the forces on D-Day.
Getting back to you. Think about your succession plan and the various facets of that plan. How would you measure whether you have been successful….
1. have you got a new management team in place?
2. how are your children involved?
3. do your children have an understanding about the family business? and their differing role as emplooyee and as a shareholder
Just some thoughts…
Learn, think, apply.