Succession in a family business
Succession planning within a family business is critical but challenging. There are dynamics and emotions in a family business that non-family businesses do not have to work through at the same level of sensitivity.
Your family and business can be properly prepared for another generation of success when the succession process is done right. Centennial stands ready to help.
3 bits of wisdom that every family business needs to hear
- Don’t wait to plan your succession plan. Today is the day to start because you don’t know what tomorrow holds.
- Have an outside advisor guide you through the process. You need an outside perspective to get you through the necessary tough discussions.
- Be certain that your successor is not filling an expectation, but rather, is living out a dream.
The president and CEO of Centennial are father and son. They have journeyed through their own succession plan and have first-hand experience of all that needs to happen for the family and the business to thrive during and after the transition.
Would you like to hear more about how to successfully transition the leadership of your organization?
This podcast episode highlights the power of boards and the power of succession planning done well.