How Do I Put A Program Together To Judge When The Next Generation Is Ready To Take Over The Company?

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In This Episode

One of the biggest challenges for a business owner looking to transition their business to the next generation is figuring out who to transition the business to and how to know when that next generation is ready to take over.  What does it look like when someone is ready to take over the company?  Will you just know it when you see it?  Should you have the next generation just follow you around for six months or a couple of years to learn by osmosis?

We contend you should put together a simple plan focused on the 7 Keys to Success which can be used to judge the readiness of the next generation to run the business.  The idea here is to not only have the next generation pull together the planning for the 7 Keys but also to execute that plan. What could provide more confidence than that!!

The 7 Keys are a great way to inject some objectivity into what can be a very emotionally packed situation.  It will also help to highlight areas where training is needed for the next generation as they prepare to take over the business.

People, Companies and Resources We Mentioned in the Show

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