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Guard Against Emotional Decisions
Kevin Spafford, CFP®
Comprehensive succession planning will give a voice to your operation. What is meant by this is that it forces a focus on the needs of your operation, which in turn causes you to think through all the variables involved in creating a multigenerational, successful business. If you imagine your business speaking to you and telling you what it needs to continue into the future, then one of the first things it will mention will be the need for a capable and enthusiastic leader. Your business won’t be able to continue past the current generation if you won’t be able to identify and train the right successor.
The process of identifying a successor may not be as simple as most business owners may think. Family business owners usually want one of their children to be the successor, but this could lead to serious problems, if the child is not ready, not willing, or not determined enough. It is easy for emotions and feelings of family loyalty to influence the decision of who the successor should be. It will be very important to guard against making an emotional decision. Though emotions may prompt action, using them to judge the appropriateness of a business decision will not yield the right results for you, your family or your operation.
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