Saturday, May 30, 2009

Business Partner Succession Question

Q. My business partner is not physically well but will not consider any discussion on succession planning. I am very angry and frustrated. What should I do?

A. It is a sad thing to note that most of us don't like to look at our own mortality and it is especially hard for business owners whose whole life is intricately involved with their work. One strategy is to try to soften "the blow" by ask your business partner to consider and identify individuals within your company who could take on responsibilities if either of you decided to take a three-month vacation. This is often successful in getting the individual thinking along the right lines. If possible, you can than draw up something more formal in terms of succession and present it to the individual for discussion.

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