PROPERLY PREPARED
Practical succession plans for family businesses:
-
Determine the goals of the owner and the family for sustained leadership and ownership
-
Articulate the expected evolution of the business
-
Scope out the essential competency requirements of key leadership and stakeholder roles of the evolved business
-
Assess the current team’s capabilities and interests versus future staffing requirements
-
Structure development, deployment and recruitment plans to address key talent and leadership gaps
-
Align family interests, resolve key conflicts, and set clear expectations to improve buy-in and facilitate the transition
-
Prepare the transition plan and key milestones
-
Targeted support to execute and adapt the succession and transition plan as circumstances evolve