Thinking of bringing employees to the table as owners?
Tips for transferring the business to the next generation when family business succession is no longer an exit strategy. You still have options when your kids don’t want to run the family business. Succession planning will prepare you, your family, and the business for the next generation of leaders. What to do when the kids have career goals that don’t involve the family business?
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Strategy Leaders Action Plan For a Successful Business
Employees in many businesses are almost like family members
- Firstly, long-term employees understand the business culture, it’s processes and policies.
- Secondly, identify people for top positions when planning your succession. Look beyond your leaders.
- Make sure, however, that your succession plan involves preparing employees for possible future roles.
- Moreover, high-potential employees care about how the business does.
- In conclusion, consider multiple candidates for succession; even top performers may not see themselves as potential leaders.
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Maybe it’s time to bring some of those employees into the fold as partial owners when transferring the business to the next generation.
Ownership can have some great benefits. Business ownership, like Golden handcuffs, tie good employees to the business in a way that a monthly salary or paycheck-to-paycheck existence does not.
While some employees may have earned a right to something more than a paycheck, that doesn’t mean they’re prepared for the responsibilities of ownership. Find out what it will take to build an ownership program to prepare key employees and up-and-comers for the possibilities and accountabilities of moving up. Done right, sharing ownership with employees can lead to an exit strategy for an owner looking ahead when transferring the business to the next generation.
