Roald Dahl is perhaps the UK’s most influential children’s author, and his books are still read by families around the world. Charlie and the Chocolate Factory is one of his best-loved stories and has since been adapted for the screen several times.

As the original book turned 60 last year, and this year marks the 20th anniversary of the film adaptation starring Johnny Depp as the eccentric chocolatier, now is the perfect time to revisit the story and some of the lessons it might teach us.

Much of the narrative is centred around Willy Wonka, owner of the chocolate factory, and his search for a successor. His unconventional approach and some of the mistakes he made could teach you a lot about your own plans for exiting your business.

Naturally, you won’t have to worry about retirement plans for Oompa-Loompas or navigating the health and safety concerns of a chocolate river. Still, Charlie and the Chocolate Factory could teach you these three important succession planning lessons.

1. Start early and don’t leave it to chance

Willy Wonka’s succession plan starts with a competition. He places five golden tickets randomly in chocolate bars around the globe, and invites whoever finds them on a tour of the factory. Unbeknownst to the guests, Wonka is planning to choose one of them as his successor.

Yet, this might not be the best plan because most of the children soon reveal themselves to be selfish, greedy, or permanently preoccupied with the TV. And not one of them has any experience running a business or making chocolate.

By leaving it to chance, Wonka ended up with very limited choices, but he had to pick one of them because he needed somebody to take over right away. Had it not been for the titular character, Charlie Bucket, Willy Wonka might not have found a suitable successor, and the business he worked so hard to build could have disappeared overnight.

It’s important that you avoid this mistake with your own succession planning. After all, it’s one of the most important decisions you’ll make in your career. If you wait too long, you could end up leaving it to chance and selling the business to whoever is willing to buy it because you want to retire soon.

Conversely, if you think about your succession plans early, you have time to carefully select the right person, so you can be confident that your business is in good hands.

2. Choose a successor who shares your vision

If you plan to sell your business, you will likely be eager to get the best price for it. However, value isn’t the only consideration and selling to the highest bidder may not be the right choice, as Willy Wonka learned.

Veruca Salt managed to secure her place on the tour of Wonka’s factory because her father threw money at the problem. He purchased half a million chocolate bars for his daughter and tasked the workers in his peanut shelling factory to unwrap them and find a golden ticket.

However, Veruca Salt was perhaps the worst of all the children. Her selfish and demanding attitude went against everything that Willy Wonka stood for. If he had chosen her to run the factory, he wouldn’t have been happy with the legacy he left behind.

Instead, he chose Charlie, a boy who came from a family with next to nothing.

Yet, in the 1971 film adaptation of the book titled Willy Wonka & the Chocolate Factory, Charlie was the only child who returned the “everlasting gobstopper” he’d been given during the tour. The rest of the children kept it with the hope of selling it to one of Wonka’s competitors.

In other words, Charlie exhibited a dedication to honesty and fairness that was so important to Willy Wonka. So, although he didn’t come from a wealthy or powerful family, Charlie inherited the chocolate factory because he shared Wonka’s values.

You might consider this when choosing a successor for your business. While it’s important to consider the financial rewards, don’t forget that you’ve worked hard to build your company. You’re leaving a legacy behind, so you’ll want somebody who shares your vision to follow in your footsteps.

3. Give yourself enough time for a smooth transition

Willy Wonka’s succession plan was ill-advised but, in the end, he got lucky and found the perfect person for the job. At least, that’s how it appears at the end of the story. We leave Charlie and Willy Wonka flying over the factory in a magical glass elevator, excited about the future.

However, we don’t get to see what happens once reality sets in and Charlie actually has to run the factory. Considering he has no experience and has only spent one day in the factory on a whistle-stop tour, it’s likely to be a disaster.

Outside the world of children’s stories, choosing a successor and thrusting them into the leadership role almost immediately may not be a sensible idea.

It takes time to learn a business, get to know the important employees, and understand the challenges. That’s why it’s useful if your successor begins working with you ahead of your departure from the business.

You can show them everything they need to know and make the transition as seamless as possible.

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Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.