Family Succession- History

In this second of the series we will briefly look at how history can impact on Family Business Succession.

The story behind how a business starts is often fascinating. It often began with a fascinating vision from the founder on his goal and meaning behind starting his own business.

We at Team Results have outlined a few common issues from business owners:

  • What can Team Results add to a business owner with 40+ years experience?  However is it experience or a case of photocopying what worked in the first 5 years and applying it every year since?
  • Being able to pass on your understanding from the mistakes you’ve made.
  • Not understanding the maturity in the next generation, protecting our children unnecessarily from error.
  • Rivalry and miss-communication from the ‘Pink Elephant in the Room’ (see previous blog in series).

The history of a business and it’s owners needs to be considered as there must be a consensus that the past will be the past to allow the business to move into the future.

For the full article click here.

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