A lack of succession planning can have disastrous consequences for a business, especially when your business is family owned and operated. This week on Grow Money Business, Stephen Shortt, an expert in family business succession planning, is joining us to share his experience and wisdom. Stephen has worked in his two-family businesses for most of his adult life and childhood, and as a result, he is familiar with the ups and downs associated with transitioning between generations. Throughout the episode, he delves into the framework needed to navigate family business successions successfully.
[03:35] Stephen’s Background – Stephen introduces himself and provides an overview of his current work.
[07:13] First Step – Stephen explains where to begin to ensure a seamless and successful family succession.
[11:31] Mindsets – Stephen talks about three critical mindsets for succession planning
[15:28] Personal Experience – Stephen shares his personal experience on his family business and how their transitions were handled.
[19:27] Succession Strategy – Stephen broadly describes the succession strategy for a family business.
[22:00] Challenges – Stephen explains overcoming various adversities during the succession process.
[26:30] Family Board – Stephen expresses his thoughts on the importance of having a family board.
[28:44] Five P’s – Stephen discusses the “five P’s” framework for navigating family business successions