Vital to the plan is the identification and grooming of future leaders and key skill requirements. Responsibility for grooming the next generation belongs to the experienced business owners. Entirely new sets of skills and responsibilities need to be defined and mastered by new leaders. This is a process which is aided by careful planning and time dedicated to developing prospective leaders, such as shadowing, training, mentoring and feedback.
There is a huge difference between the efficient day to day operation of a business and the preparation of that same business for transition. It is easy to be lulled into a sense of false security that “when we are ready to sell/transition, the principles that have contributed to our success will stand us in good stead for sale”.