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Getting Out of Your Business Planning for Succession Transferring Power First Generation Goals
Getting Out of Your Business Planning for Succession Transferring Power First Generation Goals
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PrintFirst Generation Goals
Retirement goals must be defined by the first generation (that of the business's founder) and communicated to the successor, so that conflicts may be ironed out in advance and misunderstandings don't arise down the road.
For example, Fred Founder has worked hard and should be able to explore new ventures. If Sam Successor is informed of this interest in advance, a way to accommodate both their needs can be worked out. The new venture will be viewed as a mutual goal to be managed rather than a power struggle to be won.
