If you are the owner and manager of your business, it is imperative to plan for a time when you are no longer there. How would you answer these questions right now?
In short, are you creating a legacy for your loved ones – or a nightmare?
If you haven’t planned for your succession, start thinking now about personal things such as:
Then what about your business? A succession plan should start with the simple things, which are often forgotten. Such as:
Those are just the basics but what about decisions that require a higher level of input?
It is common for family businesses to have an implied succession plan based on family hierarchy; however a formal intergenerational succession plan not only documents who will take control of your business, but how others in your business and family will be affected. These decisions will be the make or break of your legacy. Are these decisions documented and where is this information kept?
Choosing a successor from within the family group can prove difficult with nearly half of family business owners citing lack of motivation and ability among eligible family members as an impediment to successful leadership succession.
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It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
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