Common pitfalls to avoid
Business owners have a lot on their plate: they are constantly pulled in a million directions and are often busy putting out the proverbial fires that come with the territory. Unfortunately, this is one of the reasons most ignore or put aside succession planning. After all, it's human nature to postpone complicated tasks - particularly those that may result in pain and conflict. However, while succession planning tends to be viewed as an emotional and painful process (especially in a family business), it doesn't always have to be that way.
As a business owner who took over operations from her dad, this author is very happy to be in a position where she can continue his legacy and build on his hard work. Recent trends, however, point to situations where operators put their blood, sweat, and tears into their business, but simply do not allocate the same effort to its transition or succession. This could, potentially, lead to flushing a lifetime of hard work down the drain - and business owners have put too much time and work into their operation to see them crumble at the last minute. Further, a rocky (or unsuccessful) transition of ownership can inflict incredible damage on a family unit.
There are a few common pitfalls business owners should be aware of in hopes of helping their business not only survive amidst a transition, but thrive.
You can read the rest of the article in the July 2021 edition of Jewellery Business magazine.