When you are a general, you leave your duties and let the succession team move in and take control of the business. However, you are always available to give advice and, if necessary, to step back into the role of commander temporally, or even to reacquire the business in the event that your successors make a major error. In your view, the successors—whether they be your children, your employees, or a third party—will always need your advice, your expertise, and your wisdom.
Key issues for a general
- (+) Your support and your availability are very useful to your successors.
- (-) You are incapable of completely relinquishing the role of commander-in-chief at the business.
What will the transfer of your business look like?
- You leave the business but remain available to give advice to your successors.
- You will prefer a transfer within your family or an employee buy-out because it will allow you to maintain a degree of control over operations and to continue being an authority figure at the business.
- For you, it is above all important that your successors recognize your expertise as an essential asset to their work.
Without me, my successors would be unable to keep the business running.
- Poza, E. J. (2013). Family business. Cengage Learning.
- Sonnenfeld, J. (1991). The hero’s farewell: What happens when CEOs retire. Oxford University Press.