Dave Simpson | Succession planning is critical, especially when tragedy unexpectedly strikes

Last fall, tragedy struck when family business owners Jane and Phil Esseltine died in a plane crash while flying back from their family cottage near Parry Sound. The devastating accident left the couple’s son, Matthew Esseltine, to become the new president and chief operating officer of AgroSpray Ltd., a custom fertilizer business based in Tillsonburg.

Dave Simpson, Director of Ivey’s Business Families Centre, spoke with the London Free Press about the necessity of succession planning for family-run businesses for unexpected occurrences like the Esseltines’ tragedy.

“If the family member taking over doesn’t have skills or merit, the succession plan can be undermined by the employees,” said Simpson.

He also said the Esseltines did everything right in ensuring a smooth succession for their son.