7 Pitfalls To Succession Planning

Harry T. Jones

Failure of the Sr. leader to recognize that they need a successor.

Failing to see options to all-or-none family ownership.

Failure to have a buy/sell agreement.

Failure to have a plan for succession that is updated annually and shared with all stockholders.

Failure to start planning soon enough.

Failure to leave enough margin in the plan to take advantage of new and unexpected opportunities. 

Failure to steep your stakeholders in the values that should follow you.