A 2017 survey by the Family Enterprise USA noted that 32% of family business do not have a succession plan in place and have yet to hand their business off to the next generation.
Psalm 78:5&6 says, “He gave laws to the people of Israel and commandments to the descendants of Jacob. He instructed our ancestors to teach his laws to their children, so that the next generation might learn them and in turn should tell their children.”
Success is more than one level deep. The long-term success of a business is dependent on many factors including the next generations of leadership.
Succession is more than passing down knowledge, it’s passing down an understanding of the role each generation must be the conduit of truth to the next generation.