Gordon’s Top 10 Rules for Succession

A list of 10 things that Gordon Wusyk has discovered over the last 30 years of advising business families

  1. Don’t get bogged down on “equal”. Focus instead on “fair”.
  2. Look after the founder’s retirement as a first step, so they have no fear about this going into their golden years.
  3. Keep all stake holders informed – employees, bankers, accountants, lawyers, family members, and key leaders in the company.
  4. Respect each other’s views. Take a collaborative approach, rather than a competing
  5. Seek to understand where each other is coming from – don’t simply react!
  6. Come to common terms as to what you both agree on, and talk openly about what you don’t agree on. Conflict is ok, and can be helpful – unresolved conflict is not.
  7. Value your key team members and seek and respect their input.
  8. Be prepared to state your views clearly, and to encourage others to do the same.
  9. Run the business as a business, and the family as a family, and try not to get the two confused.
  10. Communicate before, during and after the agreements are built.