With the soon to be retired baby boomers, many who have been small business owners who will be handing over the keys to their related successor. It is not easy to retire and handing over control to something they personally invested financially and emotionally.
The key to a successful family business transition is now being revealed. Large family business owners can now be assured of having the practical strategies they need to prepare and position themselves before they step aside from their business. The resource? Putting Yourself Before Your Successor: How to Prepare Yourself for a Successful Family Business Transition, by Danielle Fracchia.
“Family business succession is more difficult, complex and lengthier than in other environments,” says author Danielle Fracchia, Co-Founder of Fracchia & Co. “The deep emotional investments into one’s business result in the process taking years, with owners rarely moving into equally satisfying roles.”
While consulting to large family business owners, Danielle discovered that the success of a transition relies more on intangible factors such as emotions and willingness to change than tangible factors such as plans and constitutions.
The reality? Many owners understandably underestimate and overlook the importance of self-preparation. As such, they are inadequately prepared for their succession and transition which not only holds the potential to derail the process but also terminate it.
Addressed to large family business owners, Putting Yourself Before Your Successor helps them immerse themselves in their succession planning and transition process and emphasises why their self-preparation is critical to their own continuity and the continuity of their business. It reinforces that they are the only one who can lead their succession planning and transition process and gives them the confidence to start today.