How to Execute a Smooth Succession

In previous articles on succession planning, I talked about the major roadblocks that keep CEOs of family-owned businesses from overseeing a smooth transition of power, including lack of trust, clash of visions and the inability to let go.
A smooth succession requires, first and foremost, the ability to be honest with yourself about your goals and desires for both your business and your life after retirement. Once you have a clear and honest vision established, it's time to implement a detailed plan and tactics that will help succession go as smoothly as possible. What does that look like? Here are a few examples.

Increase Lines of Communication

Communication is at the center of any family business succession plan. Always be open — and always be painfully honest. Lack of communication can cause rifts among family members and valued employees, and can cause resentment to grow. Establishing increased lines of communication among all players, and drafting conflict resolution parameters, can help nip issues in the bud and lead to a smooth succession.