Succession & Transition Management

PROPERLY PREPARED

 

Practical succession plans for family businesses:

  1. Determine the goals of the owner and the family for sustained leadership and ownership

  2. Articulate the expected evolution of the business

  3. Scope out the essential competency requirements of key leadership and stakeholder roles of the evolved business

  4. Assess the current team’s capabilities and interests versus future staffing requirements

  5. Structure development, deployment and recruitment plans to address key talent and leadership gaps

  6. Align family interests, resolve key conflicts, and set clear expectations to improve buy-in and facilitate the transition

  7. Prepare the transition plan and key milestones

  8. Targeted support to execute and adapt the succession and transition plan as circumstances evolve