Preparing successors for leadership and ownership is an integral part of any succession process. Ensuring a grooming plan is in place for all the potential successors will help the current owners obtain an appropriate level of comfort with respect to the successors competencies, work ethic, and commitment to the family business. For the successors this is an opportunity for them to demonstrate their ability to learn and acquire the skills needed to eventually take over. Successful transitions make ensuring that both the owners and the successors are comfortable with the roles they are to play a priority.
More often than not, current owners do not think the next generation has the abilities or competencies to run the company. However, at the same time, the next generation is waiting to take on more responsibility in order to demonstrate their skills and commitment. To breach this gap between the current owners and the next generation, a comprehensive grooming plan should be developed for all potential successors. Grooming plans should be reviewed regularly at the Family Business Meetings to ensure the proper steps are being taken to fulfill the competency gaps.
Walsh FBAS can facilitate the development and implementation of the grooming process to ensure it achieves its desired outcomes.