Is chosen successor ready and able to run business? If so, how can that be proven? The spousal relationship must be considered. Mom's idea of retirement may not include "sailing a boat around world". In other words, even though wife may not have had a visible role in planning or running of business, she must be included in planning for transition to retirement if process is to be successful. Although it is not frequently discussed, Dad's reservations about his fiduciary responsibility to long term, non family employees should be addressed. Who will look after them when Dad is no longer in business? Dad's friends continue to work in their businesses or jobs Fear of death Reluctance to give up power and sense of control Jealousy / rivalry toward successor Lack of coaching skills - tendency to focus on immediate problems that can be solved rather than "future" problems

Family

spouse's role in business reluctance to discuss future beyond their parents' life fairness versus favoritism fear death of parent(s)

Employees

personal relationship with founder differentiating amongst key managers reluctance to establish formal controls fear of change

Outsiders - Customers, Suppliers

clients or suppliers depend on founder clients or suppliers do not trust or have confidence in potential successor(s)

Deal with obstacles we have outlined here and you will have significantly improved your chances for a successful succession.

Corporate doughnuts are hiding behind corporate label. I can be a relief, because it’s predictable; we’re more likely to be bored than shocked. But when we walk away we will have tasted a corporate doughnut, something we could find anywhere. If you’re a 5 AM doughnut, you’re an original, made from scratch. We know right away we aren’t talking to a formula product. We hang on every word, because we haven't heard from you're saying before -- it's got new spice and flavoring to it. We hear a real person coming out, with original thoughts, unique perceptions, and a personal point of view. We hear authenticity of someone who has created themselves and their own live. We know what you sell, and what time you open, so to speak.

A 5 AM doughnut is an authentic original, which will bring some urprises and we sure as heck won’t be completing your sentencesfor you.

And when we walk away, we’ll know we never met you before, and never will again.

What a gift!