Goering Center news: Study succession planning TV drama
Lessons to be learned from HBO’s hit show "Succession"
By Greg Hoernschemeyer
HBO's hit show "Succession" has recently brought the importance of business succession planning into the public eye. Now in it's second season, "Succession" follows Logan Roy, owner of a global media conglomerate — Waystar Royco, and his children as they fight for control of the company when he falls ill.
Perhaps if Waystar Royco had a plan in place before Logan's health declined, the family would not have fallen into dysfunction. But that wouldn't make for good TV.
Fictional companies aside, most business owners should have a plan in place.
Succession plans are commonly associated with retirement, although they also serve an important function earlier in the business lifespan: If the unexpected (disability or death) happens, a succession plan can help reduce headaches, drama and monetary loss during periods of transition.
As business owners approach retirement age, it is never too soon to outline a succession plan. But retirement is far from the only force pushing proprietors out of ownership. Unexpected life events can happen at any age, and a succession plan ensures the right people inherit the business, operations continue to run smoothly and owners are able to exit under fair circumstances. In other words, proper succession planning is an absolute must and should begin on day one of ownership, if not before.
Ignoring important issues involving your business will not make them go away. It is not easy to think about challenging issues but putting off planning and ignoring problems will not give you peace of mind.
Now is the time to start planning. Whether you are nearing retirement age or just setting up shop, business owners should take time now to build a succession plan that protects your business' longevity and secures your financial future.
Greg Hoernschemeyer is the senior vice president, registered representative, at Horan. Reach Greg at gregh@horanassoc.com or 513-587-2714.
Featured image at the top: Andrew Jephson/Unsplash
About the Goering Center for Family & Private Business
Established in 1989, the Goering Center serves more than 400 member companies, making it North America’s largest university-based educational non-profit center for family and private businesses. The Center’s mission is to nurture and educate family and private businesses to drive a vibrant economy. Affiliation with the Carl H. Lindner College of Business at the University of Cincinnati provides access to a vast resource of business programing and expertise. Goering Center members receive real-world insights that enlighten, strengthen and prolong family and private business success. For more information on the Center, participation and membership visit goering.uc.edu.
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