Great grandad, grandad, dad and son.
One bears the vision and excitedly sets up a company. His immediate thought is an implementation that is sound enough to bring food to the table. Daily he fine-tunes the process, the service and the product. With time and successful growth, he thinks of who carries this on.
The next generation- grandad may have an interest in something else that is totally different from the family business. How does his passion fit into the family business? What are the chances of survival if there is no interest at all? How do we carry on the vision and still keep the profit in the business?
Succession planning is often not given the requisite time of day in the effective planning process. Most family businesses think it is enough to shadow for a couple of months and sign some documents.
Successful planning for a handover of family business pays respect to the vision of the founder, the structure of the organization, the family structure, blending of passions and creativity, encouraging integration and diversification of talents, leveraging strengths, family connections and resources, entrenching family values such as RESPECT and learning to collaborate at every stage. These are just some of the things to consider in planning for a successful handing over.
These are also not factors that are limited to family businesses but are considered for every position and role that seeks progression. Every position in life is an opportunity to leave a legacy that is evident in conduct, attitude, results, followership and tribe.
The passion to make every tenure better than the last is a sit-down brand development process. The experience, knowledge and lessons from the top levels must never be undermined.
Busola Shogbamimu is the Lead Coach at Top Bevel Limited, a training consultancy centred on people, purpose and profit. (Visit: https://www.topbevel.com/services).