….Plan to Fail!
It’s a familiar cliche, but nonetheless true: failing to plan is planning to fail.
Family businesses face special challenges that can make it tempting to procrastinate about succession planning: the overlapping spheres of ownership, family, and management of the enterprise can provide great satisfaction and success, but they can also make it difficult to raise tough questions and stick with the process of reaching wise decisions.
For some family businesses, the challenges can seem so overwhelming that it is hard to begin. But beginning — somewhere, now — is the key. Not everything needs to be decided immediately, but the sooner the planning process begins, the easier it will be to avoid failure (however that may be defined.)