The 5 Critical Succession Conversations identifies the most critical but oftentimes difficult conversations in a succession transition.
- “Most failed transitions are a result of a breakdown in communication within the family or inadequately prepared heirs.”
- “The decision to accept or steer away from accepting a leadership role in the family business should never be assumed, go unvoiced… the successor must understand and gracefully deal with the effects of their choice.”
- “The first step in a succession should be to open a dialogue between the current owner and the intended successor. The seeds of succession are sown in this conversation where the owner leader invites a potential successor to gauge interest, passion, and aptitude.”