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Succession Planning is a Process NOT a Project
August 15, 2007
“Succession planning is a process NOT a project.”: This statement deserves the spot light because the vast majority of those initiating succession planning are anticipating that they will at some point be finished with “this depressing, distracting, frustrating project and can get on with business and rebuilding family harmony.” To the contrary, the succession planning process does involve many sub projects, but in order to achieve Succession Successsm there is no getting off of the “succession train” with confidence that you have arrived.
Endless changes of the 4 F’s – Feelings, Family, Finances, Federal Tax Laws – are the main drivers of the succession planning process.
In every situation there are more significant aspects of the Succession Matrixsm that initially demand disproportionate time and energy relative to the other predictable issues. However, issues such as intra-family communications and harmony or key manager identification and motivation seem to never be “dealt with.” Just when you think you are getting ahead of the power cure, a wheel unexpectedly falls off. These ever-changing aspects of succession planning are predictably ongoing works of art.
Additionally, on a macro basis, succession planning is inherently vulnerable to ever-present change. This systemic change can be categorized as a progressive migration, maturation, integration or degradation of ownership attitudes, family circumstances, financial circumstances, leadership ability, management proficiency, the economy or regulation and taxation. In other words, ongoing change is another issue of succession planning that demands a process versus a project mentality.
Now that I have shifted your mentality to process over project, next I will discuss the immediate action steps for initiating the succession planning process.
Posted by Loyd Rawls on August 15, 2007 | Comments (0)
