The best thing about the whole family business succession planning process is that nothing you’re doing here is irrevocable. Remember to keep in mind that it’s a dynamic process – something that’s going to change and evolve over time.
Communication is Key
If you change your mind, change the plan. The most important thing you can do is communicate. Communicate what you’re doing and why you’re doing it. Additionally, make sure you’re communicating with the people that it’s going to impact. If circumstances or situations have changed or if you’ve simply just changed your mind, make sure that you’ve engaged everyone and make sure that you circle back with them. (For more on this topic, read our blog post, "Don't Let the Failure to Communicate be Your Business Succession Plan's Downfall")
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