Every Stakeholder’s Vision is Important in a Succession Plan
Understanding everyone’s vision is important for the development of a succession plan. In order for any enterprise to succeed all parties must be pulling in the same direction. Having an agenda for a succession plan is vital. However, clear and honest communication can identify problems as well as opportunities. Family members are often surprised at other family members’ visions or expectations.
Prior to a meeting the participants should be encouraged to express their goals and plans.
Disclosure of these desires should help shape the succession discussions. The willingness to accept input from stakeholders will help set a proper tone for open dialogue. It may be desirable to share the answers with family members before the meeting. Common questions may be:
How do you see your current role in the operation?
What roles would you like to have in the future?
How do you see your involvement changing or evolving?
Describe any milestones or events that will cause your involvement to change:
Describe the obstacles or challenges to the changing operation.
What resources can you bring to the operation? This may include financial, marketing, labor, innovations, knowledge, etc.
