When a business is going through a succession or sale, leaders often neglect to prepare themselves for the change. Learn how this could negatively impact personal and business goals.

Why do outgoing leaders have a hard time leaving their company? A number of emotional and practical reasons make it difficult for leaders to leave their companies.

Just imagine a smooth succession transition where the outgoing owner feels confident in the abilities of the successor to make the relevant change with the full support of key employees. Learn how.

Owners hold the hey to a business' legacy in their hands. The owner’s commitment to supporting innovation is important for the company’s transition into the next generation of leadership.

Outgoing owners must agree with their successors on a well-defined transition plan and timeline for their departure as part of the transition plan.

Succession transitions are not jut about handing the keys over to a successor. Outgoing owners have a role to play in preparing the incoming successor for success in the role by providing the following four things...

Multiple qualified individuals primed to take over the company should be the source of great encouragement. It takes a balance of communication and planning to avoid jealousy or in-fighting.

In some cases, successors will reject your offer and the company altogether. In those scenarios, it’s crucial that owners understand the employee’s perspective and take appropriate corrective action if necessary.

A successor may not always jump at the opportunity to carry on the legacy of the business. When a successor declines the offer to own or manage the business, understanding their motivations is key to finding a solution that benefits all parties and the business.

By the second or third generation or in high-performing businesses, the issue often isn’t a lack of successor candidates, but an abundance. If it isn’t handled with care, chaos could ensue. The selection should be handled with early and frequent communication.

In a business, bringing in an external successor could create its own set of challenges. However, external successors could provide a functional bridge for the business and should be treated as an opportunity to strengthen the company.

An owner may need to release a family member from the business. Firing family is a tough decision needs to be communicated with tact and without ambiguity to preserve both the family and business relationship.