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Succession Planning Status Check

Family Business - Succession Planning Status Check

Most family businesses are not succession ready – and the majority of family businesses do not survive past the second or third generation. Long-term succession planning is a common factor among successful, multi-generational family businesses.
These ten questions will help you think about your succession readiness.
  1. Who are the best candidates to be the next owners of your business - family owners, your employees or a third party? What are the requirements of ownership – in terms of commitment and competencies?

  2. Do any of your family members have the right skills, experience and background – and the passion -- to own and/or work in the business to ensure its future success?

  3. Have you discussed succession planning with your family members and key employees? Do these key people know that there are plans to keep the company going? Do you have a means to keep your talented staff members?

  4. What are your personal dreams, goals and financial plans after you exit the business?

  5. Do you have an advisory board or active board of directors to assist you in the succession process and help guide the future for your company?

  6. Do you have family meetings to discuss important business issues and to maintain personal relationships?

  7. Do you have a conflict management process, the right tools and support?

  8. Do you know what kind of CEO your company needs to lead it in the current business environment?

  9. Do you have an up-to-date strategic plan that is guiding the growth and development of your business?

  10. Do you have a process in place to manage difficult family conversations or to deal with conflict among family members?

Remember, succession planning is a journey that can take several years to complete successfully. Board Dynamics will work with your existing professional advisors to build a succession plan that will let you determine the future and ensure the success of the business you worked so hard to build.

Board Dynamics can sit down with you, talk about your situation and discuss how we could help. Give us a call or drop us a line today