YOUR FAMILY BUSINESS SUCCESSION PLANNING CHECKLIST
We all need to focus and start at the beginning. Succession Planning is a difficult and sometimes uncomfortable task. We al lwill be confronting inevitable realities that may propel may not want to face. Personalities, programs and progress may provide multiple areas for conflicts.
- Develop a Clear Strategic Business Plan
- Determine a Future Role For Founders and Owners
- Advancement and Education of Next Generation
- Multi Level Conflict and Dispute Resolution Plan
- Real Defined Job Descriptions for everyone moving forward.
- Recognition of Difficulty of Readiness for Real Change
- Clearly communicate Short, Medium, and Long Term Goals
- Effectively Acknowledge and Advance Transition Management
- Let the Best Ideas Win Be Integrated as a Strategic Thinking Method.
- Financial Analysis and Projections
- Neutral Board Of Advisors or Directors
- Interactive Relationships and meetings with Key Personnel
- Define and Update Roles Personal and Professional Responsibilities and Divisions
- Succession Hierarchy Structure
- Personal and Professional Financial Plans for each Family
- Asset Division Proposals
- Communicate Ownership Responsibilities and Understandings
- Wealth, Estate, and Trust Preservation Plans
- Remember Family Business is Personal and Professional For Everyone
