Chances are your loved ones are already familiar with your business, perhaps your children learned about it growing up, or they currently work at the company. Nonetheless, you should hold a conversation focused on succession if you want them to take over.
How you initiate and handle the discussion matters. Below are four tips that can help you have a smooth conversation:
Choose the right time
Choose an appropriate time for everyone to discuss business succession. You don’t want to have the talk when one of your children is unable to travel home or on someone’s birthday. Ask all your family members when they can be available to meet and choose a suitable date for everyone.
Inform them about the agenda of the meeting
Your family should know the agenda of the meeting beforehand. You need them to share their thoughts on the succession, how they view the business, how they would continue your legacy and so on.
Besides, business succession can be an emotional discussion. Your family will face the reality of mortality and the weight of running a business. Thus, surprising them with a talk about business succession may be unwise. They need to be mentally prepared.
Ask about their goals
Your loved ones may have different goals from yours. One of your potential successors may not want to inherit the business, or one who wants to inherit it may have a different perspective on the company’s direction. It’s crucial to learn about your family’s goals regarding the succession and the business.
Be patient
You may need to hold a couple of discussions before you and your loved ones are on the same page. Thus, you need to be patient. The initial discussion is just the start.
The above tips can guide you when discussing business succession with your family. Obtain more information to draft a detailed transition plan.