31 Mar Succession Planning – Don’t wait for the time bomb to go off
Matty Meehan talks through the value of planned family succession planning
Succession Planning and the Time Bomb.
It is critically important to understand the elements of succession planning inclusive of the steps and the protocols to ensure a successful and harmonious outcome. It is also just as important to commence the journey and avoid delaying the commitment in fear of emotional recriminations. But without a committed and well communicated plan, you instead inherit a kinfolk’s time bomb.
What does succession planning look like?
They say a successful succession plan is one where everyone feels they have been ripped. In reality, Matt Meehan goes on to explain that this need not be the case as there may not be a natural conclusion. As soon as one runway has been established, the next one needs to be commenced. It is an evolving phenomena that requires patience and communication. It may not be about equality, but more about fairness.
So what is the take home message? Watch the video to find out….