Transition and Succession are not the same things
We are very happy to be sharing with you The 10 Truths of Family Business Transitions. In this series, we will be sharing with you some ideas and concepts that go beyond what most people think about in Business Transitions. We understand the importance of People and Process and how it effect Performance. We understand that you have the balance and wellbeing of your family to consider. We understand that you have to also consider not only the legacy of your business and your people but also yourself. We help you answer many of the questions you may not even realize you need to ask. We help you find the balance of fairness for everyone involved.
For more information on the TRD (Transition Roadmap developer) or the other services provided by vNacelle, please visit our website at www.vNacelle.com or contact us directly by phone at 303.790.0754.
Be sure to tune-in and find out about all of The 10 Truths of Family Business Transitions
Each day for the next 16 years, 10,000 Americans will turn 65. With the coming “Silver Tsunami” of retirements, Business Transition is going to be at an all-time high.
Being prepared for your Transition means understanding what needs to be done. Todays vNacelle Insights podcast features Elizabeth Ledoux, our founder, and CEO, who is speaking on the difference between Transition and Succession and how they intersect.
The Ten Truths of Family Business Transition
1. Plan your business transition using what you already know from Google Maps
2. Transitioning the family business is not an event…it is a journey
3. A Transition Roadmap is your best tool
4. Dilemmas Keep Us Stuck…If you choose to do nothing with your transition it will become an event by default
5. Selling to family members or employees is the hardest road but possibly the most rewarding path you could take
6. Transition and Succession are not the same things
7. The next generation knows more than you think and they also don’t know enough
8. Putting relationships first is the key to success in transition…and also any other part of life!
9. If you want to go fast, go alone; If you want to go far, go with others (African proverb) – engaging people, learning new skills to teach guide etc.
10. You cannot do Calculus when you are only at the Algebra level