Short excerpt from a speaker (Bill Gallagher) discussing succession planning versus transitions: succession requires others to take over and represents a team effort, contrasting with entrepreneurship which feels more individual and autonomous. The speaker emphasizes behavior change over time and the need for successors for a business exit to succeed.
Part of that is just the training over the years and years and years. And I said earlier that there's behavior change that happens in a transition and in a succession. And those are two different things. Right. You can't you can't have a business transition or an exit if the business is going to continue without having somebody else who comes in and takes it over. So, one way or another, this is not this is a team sport. This is not an individual sport. And I think when you're an entrepreneur, building, growing, developing and doing that, that's even though you have a team around you, that is more of an individual sport, you're making the choices. You've got autonomy. You're doing things the way that you see them in your vision and all of that. And so, yeah, this is a big different thing to go through.
