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.
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