7 Pitfalls To Succession Planning

The Problem

Harry T. Jones

Pitfall #1:

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

Pitfall #2:

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

Pitfall #3

Failure to have a buy/sell agreement.

Pitfall #4

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

Pitfall #5

Failure to start planning soon enough.

Pitfall #6

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

Pitfall #7

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