Raising a successor

A successor to the business does not appear on the day the owner decides to retire.

Receiving ownership is one thing. Bearing responsibility for a functioning enterprise is quite another. Kinship does not automatically create willingness, ability or authority. One heir wants the business, another seeks only the value of their share, and a third prefers an entirely different path. The trust of employees, banks and partners has to be earned. It cannot be written into a contract.

Succession begins long before the will: with training, genuine delegation and the gradual transfer of trust. Sometimes the most responsible decision is to keep ownership in the family while entrusting management to someone else.

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Succession · 8 min read