7 Keys To Execute A Successful Succession Plan

Succession Planning or beginning the transfer of a company from one generation to another is one of the most significant decisions you can make as a business owner. An unorganized transition, unclear roles/responsibilities, and not understanding financial drivers can turn a thriving company into a nightmare. Over 25 years ago, I went through one of these transitions personally, without planning, much training, or expectations of what would happen without my father’s experience and gut instincts.  Here are seven things I wish I had known when starting the succession planning process.

Conflict and Leading Teams

High-Performing teams are increasingly becoming a competitive advantage because while competitors may copy your process or product, they cannot copy your people. 

In his popular business fable, “The Five Dysfunctions of a Team”, author and management consultant Patrick Lencioni describes five common obstacles (dysfunctions) that prevent teams from executing at their best. While these issues do not disappear easily, the most cohesive and effective teams intentionally practice and improve these five areas: