You are a potential successor or you are among those identified as a successor.
Before embarking on the journey of succession, you should:
TAKING TIME TO THINK – THREE FUNDAMENTAL QUESTIONS FOR YOU, THE SUCCESSOR.
You must first answer the following three questions. Each one is important, and none can be dodged. This is the time to remain calm and be realistic.
- What are your reasons for wanting to take over a company? Do you have an entrepreneurial side? Do you have a talent for management?
- What kind of succession is available?
- Taking over a family company?
- Taking over a company you currently work for?
- Buying a separate company?
- A combination of these three options?
- What are your financial means?
SELECT AND COMMUNICATE YOUR PREFERENCES
After giving some thought, you must make a decision. Are you going to move forward? Which path are you going to choose?
Create some scenarios. At this stage nothing is stopping you from further exploring more than one path. Give yourself the right to change your mind. The path favoured at the beginning is not necessarily the one that will end up being the most interesting at the end of the day. This is precisely why you must examine more than one option.
Talk about the project with the people you count on: the owner-manager heading the family business (your father, mother, uncle, etc.) and your other family members, your boss, those colleagues who might join you in the new company, your business contacts, other entrepreneurs in your region, an accountant, a legal advisor, a banker, a venture capital company, or someone you trust (your mentor, for example). These discussions will help you determine how realistic your choices are.
Seek out assistance. You will have to make important decisions, so seek out the support and advice of the people around you who really care about the success of your venture. But most importantly, make sure you are dealing with competent people in whom you can place all your trust.
