Jerry Jones may have one more play tucked away…
His three children are not sitting on the sidelines. Each is a co-owner and senior executive within the Dallas Cowboys organization. His son Stephen has worked alongside him for decades and currently oversees major areas of the team’s operations. That looks a lot like preparation.
Still, Jerry recently made a statement that caught our attention and it had nothing to do with the upcoming season:
“I don’t have a succession plan, I don’t. One day I just won’t be here to toss my two cents in.”
For all we know, Jerry has legal documents, ownership agreements and a trick play or two tucked inside the Cowboys’ playbook. We are not inside the Jones family huddle, even though we’d love to be! haha
His comment raises an important question for every family business owner:
Do you have a succession plan that will protect your family, business, and future finances?
3 Risks of Not Having a Family Business Succession Plan
If an owner dies unexpectedly, the family is not only grieving, they also are making critical decisions and having to lead at the same time while…
- Keeping up with operations
- Providing clear direction to the team
- Giving continued great customer service
- Meeting payroll
Without a clear plan, here are the main 3 risks that will create an unwanted fumble:
1. Decisions Getting Stalled
When no one knows who has authority for specific business matters, vital decisions get delayed or different people begin making competing calls.
2. Relationships Become Strained
Capable family members and leaders can have very different ideas about what the owner wanted. Even with the best intentions, uncertainty creates tension when the business needs unity most.
3. Money Comes Under Pressure
Questions about ownership, access to funds, taxes, debt and buyout obligations become urgent. A financial decision made under pressure can affect the business and the family for years.
Grief can be surprisingly debilitating, especially when you are also carrying the responsibility of keeping the business operating after an unexpected loss.
A thoughtful succession plan removes a lot of the weight of these burdens.
Don’t Leave the Plan in the Owner’s Head
Succession does not need to begin with a departure date. It’s not about leaving the business. It’s about leaving a legacy while you’re still there. It begins with direct conversations and a plan for what needs to continue.
Start with these 3 questions:
- If I were unavailable tomorrow, who would have the authority to make final decisions?
- Which decisions is that person already prepared and authorized to make?
- Who else knows the plan and can support the transition process?
Don’t worry about predicting every play. Just give your family and leadership team a plan for how to keep moving the chains when the unexpected arrives. If you’re looking for a great place to start, here’s your playbook.
Start Your Succession Game Plan
Meridian’s Family Business Succession Companion Guide walks you through four important steps for preparing your business and your next leader, so your business and legacy stay strong!
Take just 1 minute and protect a lifetime of hard work. The Guide will be sent directly to your inbox.
The Meridian team works with family-owned businesses to strengthen leadership, improve teams and profit, and prepare for successful generational transitions. Through coaching, consulting, succession planning, valuations, and strategic advisory services, Meridian guides family businesses to build stronger futures.
