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.

You’ve spent a significant chunk of your life building a business you can be proud of. Why sell the goose that laid the golden egg when you can use it to fund your retirement?

How much underperformance by a family member in the business is too much? When does “normal” transition pain become a symptom of a much deeper disease? Should it result in firing the family member? How can you know?

Younger members of the family could benefit from spending time in the business.

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

“Leave your home problems at home” is sound advice, but it ultimately points to an ideal few of us will ever achieve. With this in mind, every business owner must take intentional steps to practically keep home and office in their respective places.

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.

The New Year is an opportunity to look at the past and reorient both ourselves and the business for the future by kicking off the continuity planning that will ensure your company and your legacy endure.

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.