Secrets of Smooth Succession of a Family Business with Stephen Shortt

Author: Kevin Thompson
Published: Wed 03 Jan 2024
Episode Link: https://sites.libsyn.com/407312/secrets-of-smooth-succession-of-a-family-business-with-stephen-shortt

Get to know the immense power conversations have to positively redirect trajectories far beyond individuals. In this episode, hear how Stephen Shortt went from nearly abandoning his family's enterprise to harmoniously living with relatives under one roof — proof that strained relationships can transform. Learn the four routes founders take when exiting businesses and why Stephen believes properly "scaling" across generations is key. Discover how one conversation with his sister completely reshaped Stephen's communication and humor.

Stephen Shortt has spent his entire adult life (and most of his childhood) working in his two family businesses so knows the ups and downs of successfully transitioning between the generations. Each year, family-owned businesses account for roughly 70% of all privately held companies in the world. In fact, only very recently has the number of large family-owned companies begun to decline. Families typically own many different kinds of businesses, ranging from small "mom and pop" or founder/operator style businesses, to huge international corporations still controlled by one family.

A key factor in any business is its leadership, if succession planning isn't taken seriously - especially in a family business, it can have disastrous consequences for the company - and the family… Succession planning is a process that begins long before the current generation steps away from the business – the sooner you start planning, the smoother it will be.

Key Highlights:

[00:00 - 09:03] The "Four S's" of Family Business Transitions