85% of cases where businesses failed to transition were caused by controllable factors
90% of owners hope that their children will join them in the business
35% of family business owners have no plans to retire, ever
Do you feel prepared for what lies ahead in your business? Are you confident to tackle future challenges that come with transition planning? Do you believe your family members and key executives envision the future the same way you do?
Maybe, maybe not.
Often we find that owners, family members and key executives are shocked to discover that their fellow leaders have a different idea about the future than they do. Even if it's a topic that you frequently discuss, there can be fault lines among your plans, hopes and dreams for what's to come.
Fortunately, we’ve found a very helpful tool to address this problem. The Transition Preparation Assessment (TPA) has the ability to compile a report of your perspective against the perspective of your team. The final product gives you a roadmap of what you need to do as a team to get to where you want to go. The best part? The TPA shows you exactly where you and your partners differ and will help you have those necessary crucial conversations.
Here are three ways you’ll benefit from taking the TPA:
- Touch base with yourself. Where do you stand and how do you truly feel about the future?
- Align your vision of the future with your family members and key executives. Are your visions mostly the same or very different? Nip conflict in the bud by addressing potential problems today, rather than tomorrow.
- Obtain a roadmap. Now that you know where you and your team want to go, learn how you can take the steps to actually get there.
Where you are is perfectly fine, but if you want to go somewhere new, we’re here to help.