Succeeding with Succession Planning in Family Businesses

January 4, 2018 – 09:13 am
Succession Planning In The Context Of A Family Business And Why

Succeeding with Succession

Planning for a smooth succession starts with recognizing that it will be one of the most complicated transitions that a family business will experience. The family must also recognize that it is never too early to start discussing succession and that the costs of getting succession wrong will be nothing short of catastrophic for the business. These challenges mean that family members must focus strongly on succession planning, giving it their undivided attention on many occasions. Based on our experience advising family businesses on succession, we have identified ten principles that improve the chances of succeeding with succession.

Start early. Families may hesitate to plan succession because they are uncertain how the interests, choices, and decisions of different family members will play out over years or decades. But succession planning should start as soon as possible despite this uncertainty. Although things may change along the way, leaders can often anticipate the potential scenarios for how the family will evolve. Issues to consider when developing scenarios include the number of children in the next generation and whether those individuals are interested in the family business as a source of full- or part-time employment or purely as an investment. Families should also consider how the scenarios would be affected by marriages or the sudden demise of a family member or potential successor. It is important to plan a succession process and outcome that will work for the different foreseeable scenarios.

Set expectations, philosophy, and values upfront. Although setting expectations, philosophy, and values is central to many family-business issues, we have found that doing so is essential when it comes to succession planning and must be done up front, even if the specific mechanics of succession come later. In our experience, the family businesses that thrive and succeed across generations are those that possess a core philosophy and set of values linked not to wealth creation but to a sense of community and purpose.

Source: www.bcgperspectives.com

Real Spark Real Spark Women Girls Fashion Plated Gold & Silver Tree Of Life Elegant Circle Drop Dangle Statement Earrings
Jewelry (Real Spark)
  • The tree of life always related with family, so it is an ideal gift for family member or bestie.
  • Find a fashion accessory to show your personality
  • Delicate handcraft
  • Women gold plated drop earrings
  • The item is well packaged by the free soft velvet bag of Real Spark
Darkey Wang Darkey Wang Fashion Personality Charming Evil Eye Necklace BringsYou Shining World
Jewelry (Darkey Wang)
  • Can match any clothes
  • Simple, Neat and Natural
  • Wearing it, it can bring you more confidence, and more charm Makes you more attractive
  • Very very cool!!You are looking at a new handmade
  • Valentine s Day gift£¬Thanksgiving gift,Christmas gift, The best gift for lover and mom and dad and friend and family,etc
Prestige Palace Awards 1st Place Winner Gold Award Medal, Antique Gold
Sports (Prestige Palace Awards)
  • Are you looking for award medals suitable to give out during your sport events such as soccer, baseball, football or basketball? Or maybe you need medals for family...
  • These unique award medals were designed for any and all of your award needs. There is no ugly side to these medals. Both sides feature intricate 3D designs with...
  • These 3 inch / 7.5cm large solid zinc medals that weight over 3 ounces are available in Gold, Silver or Bronze finish for 1st 2nd or 3rd place recognition in Olympic...
  • With your one (1) in cart purchase, you will receive one medal of your choice, to get a complete set add the desired finish to your cart individually
  • And Finally, There s No Risk! If for any reason you don t absolutely adore this medal, just send it back for a full refund!
Sulfate Free Argan Oil Shampoo and Conditioner: Sodium-Chloride-Free, Alcohol-Free, Paraben-Free, Natural Sun Protection and Highest Salon Quality Pure Ingredients with 12 Plant Extracts
Beauty (Vizeri Beauty)
  • SALON RECOMMENDED: No sulfates, sodium chloride (salt), drying alcohol, or parabens to damage hair, cause hair loss, fade color, or shorten life of keratin treatments...
  • 12 PREMIUM-QUALITY NATURAL INGREDIENTS: Expect complements like this customer people have stopped me to ask about my hair! Really??!! That hasn t happened for decades...
  • 100,+ BOTTLES SOLD: Proven formula gives fast results on dry, damaged, frizzy, or color-treated hair. Manufacturer s empty bottle gaurantee for no risk. Order now...
  • When you use this rich and luxurious shampoo and conditioner set the rejuvenating transformation starts immediately. This moisturizing shampoo gives your hair a...
  • Order now and while you re at it, get a set for a friend or family member you love. Guaranteed to end dryness, frizz, thinning, and breakage. Increase hair strength...
Simply Addictive Games Dynasty Toys NERTS 12 Decks of Playing Cards Set
Toy (Simply Addictive Games)
  • Set of 12 Standard Playing Cards
  • Each Deck is a Standard 52 Card Deck.
  • (12) Brightly Colored Decks.
  • Specifically Designed for Easy Nerts Scoring.
  • Great for all Card Games. Perfect for Game Night with the family.

Related posts:

  1. Family business Succession Planning Checklist
  2. Family Succession Planning
  3. Family Farm Succession Planning