Mentoring Key to Smooth Succession Plan of Family Businesses I London I Familosophy

Succession Planning in Pandemic Times

You don't want to change horses in the middle of a stream, said Abraham Lincoln. During an epidemic, is it the best time to change leaders? Or is it better not to make big changes when the world is in a state of flux?

While we would like to be well-prepared and know that succession planning is a process rather than an event, families may need to speed up the process at these times. Unplanned changes don't always end in disaster, but when they do happen, they do require a lot of help from other family members and people who work with them.

Take a look at the current business environment and see if there are any changes that need to be made to the structure of your family business. Death and succession talks are never easy, but it is important to avoid conflict in the event of a family member's death, no matter how bad the outside world looks. The lockdown has made families think about how to plan for the future in a more general way.

To make sure your family is on the same page about its values and goals, you need to have open communication. It leaves a good legacy and brings the family together around common goals and values if the plan is done right.

Take a look at this: In your family, have you talked about who will be in charge after you die? Has it found problems in the succession process (or not found any)? Have you set realistic goals about how long it will take for an effective successor to take over?

Are you looking for advice on how to make your family business in London operate better? David Werdiger is the number one choice when it comes to London family owned business protocol help. Mr. Werdiger is helping hundreds of family owned businesses pass the torch using his famous London Familosophy techniques

His market is two-fold:

Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income

Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.

Looking for great advice for your family-owned and family-run business? Find out how David Werdiger’s Familosophy Newsletter can help answer your questions and guide you through turbulent times. To subscribe go to https://www.transitionbook.co/transition-membership-sign-in

Visit David’s Website at: https://davidwerdiger.com/ or his GMB site at:  https://goo.gl/maps/YiKUeBhXzapPAYyP6

Source: https://davidwerdiger.com/2021/02/succession-planning-pandemic/