One of my favorite films of all time is Willie Wonka and the Chocolate Factory….the good one…not the Johnny Depp version. The last scene is one I think prudent for entrepreneurs. In it Wonka designates Charlie to take over the factory as Wonka knows he will not run it forever and wishes to continue it after he moves on. A short lesson for all business owners….plan and identify your successor and make time to train and impart knowledge to them. Succession planning is more than just planning to sell your business. Sometimes it involves picking a successor with not just the education but also the right heart and temperament to lead in a new age.
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