Familial communication patterns can create stress in the business environment. Assumptions, stereotypes, and emotional baggage often cloud judgment, reactions, listening, and getting to know someone as an adult versus just a sibling or child. Many believe a Will, Trusts, and business agreements are the crux of succession planning; however, as Joe Chastang found out, it involves much more.
Where there are people, there are complexities because people are layered and diverse creatures. As Joe shares, addressing the technicalities such as wills and trusts are important, but what was incredibly valuable was learning how to deal with each other better. Understanding what makes each other tick, values, and preferred communication styles helped them know how to approach each other better, communicate better, hire better and make more money.
Resources
- Succession Readiness Survey: A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook, impacting business value, growth, lifestyle, and ultimately achieving your vision.
- Contact Us: We can help you with insights and other resources and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business immediately.
For more insight from Joe Chastang of Chastang Ford, check out the next episode in the 10-part series: Balancing Family and Business
The Succession Planning Matrix
The Succession Planning Matrix
Many people put off succession planning because they think it means retirement, exit, and the end. However; succession planning is just the beginning. It gives the owner options in terms of what “their next” looks like, whether that be growth, philanthropy, or a new business venture. Our process focuses are addressing 10 key areas of what we call the Succession Matrix.
Click the following link for more drill-down resources on The Succession Matrix, or check out our Facebook post.
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We can help you with insights, other resources, and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business right away.
