CareerPersonal Growth

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:

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