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Getting Out of Your Business Planning for Succession Transferring Power Second Generation Goals
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Personal and career goals need to be outlined by the successor generation. Will the successor be given the opportunity, the capital, the authority as well as the responsibility necessary to achieve success in and for the business as well as adequate compensation to support family needs during the "dues paying" period of the transition?"
Consideration needs to be given to time commitments that increased responsibility will place on the successor and how this issue may affect family life. Expectations of the founder must be clearly understood by the successor, as well as spouses or other family members, with regard to time requirements, compensation, and scope of authority during the transition period. If any of these conflict with the successor's personal or career goals, the transition may be doomed to fail.
