Succession planning is very much a modern term and one that frightens many people, especially the older generation.
Those who have built up a property or farm from scratch often feel threatened by talk of succession planning. The younger generations, who may be keen to take over, but want to do things their way, are often frustrated by the lack of communication about the future.
This can lead to devastating situations with families being torn apart, sometimes for years, properties being sold and livelihoods being lost, and it all comes down to that basic tool of communication. That is what succession planning is all about at the end of the day –talking about the future, discussing the role people will play in that future and making sure everyone involved has the opportunity to have a say.
Time and time again we read/hear of instances of younger people wanting the opportunity to spread their wings and try new ideas and innovations only to be thwarted by others who want to stick with the tried and true. Often this results in the young ones walking away –possibly to another industry and the rural community loses not just another person but possibly an entire family. This has an impact on all aspects of the community, the young ones may leave and the older ones, who stay as long as they can, are unable to contribute in the same way as they once did.
So how do you put succession planning in place if you have people who are unwilling to discuss the future? The bottom line is we can’t force people into doing something they don’t want to do but you can start by working with those who are willing. If someone isn’t willing to participate in these discussions, try to find one of their peers who agree with succession planning and ask them to have a chat. Rural bodies, accountancy firms, banks and various government organisations can all assist with succession planning. There are people who are specifically trained in succession planning and they are accustomed to dealing with those who think succession planning is unnecessary or a waste of time/money. Even chatting to such a person on the phone may give you some ideas as to how you can encourage others to have a session with them.
If bringing a third party in is not an option, then work within your own family – start with your wife and your children, if you have any. Begin with family meetings where everyone has an opportunity to air their opinions on any topic – encourage every member of your family to be open in their discussions. Use the same courtesies as would apply at any public meeting –everyone has their say, comments should not be directed at a person but at the problem and ensure the quieter members aren’t dominated by more forceful members.
I greatly admire people who have had the wisdom to do this from the time they married and had children. They are giving their children a wonderful grounding in open and honest communication and the benefits that flow on from that. These children will grow into adults who are very comfortable with open discussions about their future and the futures of others in any business they are involved in.
If you want your business or property to continue down through the generations then succession planning is a vital key to making that happen. It’s never too early or too late to start.
