A good insight into preparing for transition from one generation to the next and understanding the gaps that exist between the elder and the younger generations.
Succession is not easy and nor should it be as there is a lot at stake, but communication and planning can help to increase the chances of success in the longer term. Engaging with the next generation over a period of time prior to the event can also foster the right environment in which they can flourish with a solid understanding of the business, value and the way forward too.
Successfully engaging the next generation in a family business often depends on how well the parents accommodate the personal objectives of their children. By David Harland CPA As far back as The Iliad, we’ve recognised there’s a thin line between “influencing” and “controlling” our inheritors. Achilles saw fit to rally against the oppressive grip of his master, Agamemnon, essentially because he didn’t like being told what to do. Human beings all share Achilles’ instinct to act in self-interest and kick against authority – but when it comes to succession, family businesses ignore this at their peril.