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We learn how to successfully transition leadership in family businesses and other businesses from Stephen Shortt on this episode of the Learning from Smart People Podcast with Rob Oliver. As someone who has spent his entire life working in 2 family businesses, he knows the ups and downs of successfully transitioning between generations. What he learned applies to businesses beyond family businesses but that\u2019s where he started and learned.

Here are some key points as Stephen Shortt and Rob Oliver talk about how to successfully transition leadership in family businesses:

\xb7 It is important that your family does not destroy your business and that your business does not destroy your family!
\n\xb7 It pays to sit down and think about your \u201cWhy?\u201d
\n\xb7 The family business can become seen as a member of the family
\n\xb7 Deciding to sell a family business can be difficult, especially getting everyone to agree that it\u2019s a good idea
\n\xb7 Even if you own the business, you need to work together with other members of the family
\n\xb7 You need to know your own purpose, the purpose of your business and how those factors relate
\n\xb7 There are lots of ways to make money, why are we doing it this way?
\n\xb7 Once you establish the purpose of the business, it guides everything you do
\n\xb7 The five P\u2019s of Succession: Purpose, Pick, Preparation, Promote, Patience
\n\xb7 Figuring out where you want to go starts with figuring out where you are
\n\xb7 The best leader for the business may be different depending what phase of business you are in
\n\xb7 Develop an inside hustle for helping younger family members \u201cearn their chops\u201d
\n\xb7 Transition can happen gradually

You can learn more about Stephen Shortt through the links below:

Website: https://successfulsuccession.com
\nAll the Social Links: https://successfulsuccession.com/social

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