Ninth episode of Ask Andi
Here is the 9th episode of my Ask Andi series—short 15 minute podcasts every Friday where I take a question and then offer tools, tips and strategies to help you re-think it and tackle it in new ways. In today's episode, I focus on family firms and the vital importance of putting a succession plan in place so that companies can continue to thrive for generations to come.
In this episode, I discuss:
- The number of family firms in America and their impact on society and the economy
- How many family firms are without succession plans
- The importance of planning succession early
- Why family firms don’t want to think about succession
- How family firms can start their succession plan with an external coach
- Things to consider for generational growth
- The importance of a selection process to choose a successor
- Why you should reaffirm your succession plan often
- The value of owners shifting from working on their business rather than in it
Resources mentioned in this episode:
- My book: "On the Brink: A Fresh Lens to Take Your Business to New Heights"
- Simon Associates Management Consultants website