Family Business Succession Checklist

Family Business Succession Plan Checklist

The need for family business succession plans often become very clear in family businesses as the next generation of families  grow and coexist. Alternative Law  and your team may need to refocus our efforts to make sure that we have understood the past issues, the present circumstances, and the future goals and aspirations of the families and the firm.  Family business succession planning can be  a new, challenging  and sometimes uncomfortable task but it is absolutely necessary for the next generation.

Families and businesses naturally grow and change. Eventually we all will be confronting inevitable business and life challenges and realities. We can choose to embrace or ignore them. Family and businesses are diverse and people may have different interests and goals. Personalities, siblings, history, and family relationships all have an impact. You get to decide whether that will have a positive or negative outcomes. Family business succession plans, programs, and progress will  provide multiple areas for advancement, engagement, disagreement and conflict resolution.

FAMILY BUSINESS SUCCESSION PLANS

  1. Develop a Clear Strategic Business plan and communicate  family and individual Goals.
  2. Education of Next Generation and refine roles for  founders and owners.
  3. Improve Communication, acknowledge issues for  family business succession transitions.  
  4. Multi level Conflict  Prevention and Resolution plans and readiness for advancement.
  5. Compensation and share definitions, financial analysis, projections, and roles. 
  6. Neutral Board Of Advisors or Directors can  provide independent perspectives.
  7. Define  relationships and responsibilities with family, management, and key personnel.
  8. Personal and Professional Responsibilities and  Financial Plans for each Family
  9. Communicate Ownership Responsibilities and Understandings
  10. Wealth,Taxes, Estate, and  Trust Preservation Plans

When combined with our other systematic family business initiatives, existing and new  business systems, this initial  family business succession plan checklist can be your  quick outline for your  for your family business. Contact Us

Remember Family Business is Personal and Professional For Everyone.

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