Succession Planning (or continuity planning!) is such a broad topic and as such it can be intimidating and very easy to put off. In this episode I speak with Daniel Trimarchi and we break down the three core elements of succession / continuity planning in a family business.
Daniel Trimarchi is a Senior Manager and Family Business specialist with KPMG, at the time of recording he was about to embark on a role with KPMG in Canada, but before he left we grabbed some time to discuss the three main elements of succession or continuity planning.
These can be broadly summarised as the management of the business, the leadership of the business and the ownership of the business. Breaking the process down into its constituent parts can help greatly with the succession planning process and the transitions that are associated with it.
The subject matter can be an emotional time for all that are involved, this is why communication is important and why articulating our feelings is equally as important.
The process can be shrouded in fear, mistrust, mis-managed expectations and many more elements that can hinder the process and the discussions needed to make it work.
There is also a misunderstanding that succession planning is an event when it should be considered a process. Treating it as a process means that it does not need to be sorted in a day, it can be something that can be taken slowly and with great care.
In this episode we discuss much of the above and if you need help with starting these conversations I would be delighted to help. There is an old Chinese proverb that goes something like, the best time to plant a tree was 20 years ago, the next best time is today. The same can be said of succession planning.
Daniel can be found on Linked In here: www.linkedin.com/in/dtrimarchi
You can also find out more about the work of KPMG here: www.kpmg.com/familybusiness