Are you looking to start your next business? Or, maybe you’re thinking about retirement? Succession planning is the key to making sure your small business journey ends with a “happily ever after.”
In this episode of Xero Gravity, Dr. Sabine Rau, Professor of Entrepreneurship and Family Business at King’s College London, and Judy Wicks, author and entrepreneur, drop by to share their stories about succession planning with Gene and Elizabeth.
Together, Sabine and Judy illuminate the difference between ownership and leadership, discuss issues of family inheritance and show how your key values can be hardwired into a business before sale.
“I really wish I would have known how impactful family relationships are. Nobody told me about using the business as a battlefield for family emotions. I was well trained on the business side, I was well trained on all the cognitive stuff. The emotional stuff came as a surprise.”
– Dr Sabine Rau
“I didn’t imagine that I would ever, ever sell the business. Most of the time that I was operating the White Dog, and certainly when I started it, I didn’t really think about an exit strategy. Because I just figured, I was creating a business that would be my life in a sense. It was a very hard decision for me to make.”
– Judy Wicks
Small Business Resources
- How to Keep a Family Business Alive for Generations, Harvard Business Review
- Good Morning Beautiful Business, Judy Wicks
- Social Venture Network
Rand Fishkin of Moz.com joins us for an upcoming episode to discuss SEO for small business. Stay tuned to get the inside scoop on modern-day marketing and how to make Google work for you.
What would you like to hear?
Got a topic you’d like to hear discussed? Or a business expert you admire and would like to hear from? Let us know in the comments below!