In this video presentation by the Business Development Bank of Canada, BDCBanx, Tom Hitchman tells the story of how he has been developing his children, now adults, to take over the Naylor Group in a carefully planned succession process.
The whole video is worth watching, but if you want to jump to the part where they start talking about how they prepared for his children to take over the business, go to 2 minutes and 24 seconds.
Tom hired a facilitator who worked with both Tom and with his son, Greg, and daughter, Lauren, for about eight years. Beginning while they were in university, they all worked with their advisor to prepare both the company and the family, Tom as well as Lauren and Greg, for the growth and transition of the business. At the end of the video, Tom says he plans to retire from active leadership next year, and the company is vibrant and strong with excellent personnel.
This is a great case study of how to “do it right!” Where are you in your succession plan?