Dynastic Planning

Communication, Communication, Communication

If you have an important point to make, don’t try to be subtle or clever. Use a pile driver. Hit the point once. Then come back and hit it again. Then hit it a third time—a tremendous whack.

—Winston Churchill

“Communication” is to succession planning what “location” is to real estate.

It is the uncomprising ingredient that ensures the continuity and the sustainability of the family business in the hands of the NextGen.

It helps make the family business world go ’round. It increases the level of trust, and instills harmony in the relationship among family members.

Indeed, trust and respect are the two ingredients responsible for maintaining a secure peace in what is otherwise a situation prone to failure. ...