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5 Steps to Create a Viable Succession Plan for Your Family Business

Only a third of all family businesses transition successfully to a second generation. Michael Evans writes for Forbes with insights into conducting proper succession planning. Countless employees count on a healthy succession.

A Bright Legacy, a Brighter Future

First, establish goals and objectives—an overall vision for the company, personal retirement goals for yourself, and goals for the next generation to achieve, among others. Second, establish a decision-making process that involves family and has a mechanism for resolving disputes. In the succession plan, identify business owners and key managers, note which active and non-active roles family members have, and communicate this hierarchy to all stakeholders in writing. Then, getting into the really gritty details, create a business and owner estate plan that addresses issues of taxation. And finally, create a transition plan, in which a timeline for succession is put in place.

When you take all the right steps, succession becomes a very natural process, and it will ensure a better tomorrow for your family and everyone you employ. You can read Evans’ full article here:

About John Friscia

John Friscia is the Editor of Computer Aid's Accelerating IT Success. He began working for Computer Aid, Inc. in 2013 and continues to provide graphic design support for AITS. He graduated summa cum laude from Shippensburg University with a B.A. in English.

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