Part 2 - Defining our Legacy - Flipbook - Page 17
We asked DR CRAIG to reflect on succession, and the nature of legacy.
“
The conversation about succession planning has
moved on. Previously it was centred around ‘who is
going to be the CEO’, but that approach misses the
point. It’s not only the CEO position we have to focus
on, there are so many other facets involved and in
the last decade the conversation has broadened out.
People are now appreciating there is much more
to it than having a succession plan – as part of this
process the topic of legacy has moved up the ladder
of prominence. Business owning families are often
not good at succession planning because they do
not do it very often.
In a family business, decision makers and incumbent
leaders will respond more to a conversation about
legacy than they will about succession planning, as
the latter is so loaded. The timing has to be right,
or it can be perceived as ‘you’re just trying to get rid
of me’. It’s a risk for the next generation to ‘poke the
bear’.
S TA R T I N G T H E L E G A C Y CO N V E R S AT I O N
