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025: Ask Andi series—Succession Planning

Posted on by Andrea Simon

 

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: