Succession Planning In Family Business

Succession Planning In Family Business-24
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You have a middle child, but they never really wanted anything to do with your business.

Questions you should consider include: While most parents want to treat their children equally, it is important to remember that being “equitable” is often more important than being “equal”.

Children who have put time and energy into helping you build a company may have earned the right to a larger share and more responsibility than children who have pursued other avenues.

Taking an objective view of your family can help the business you’ve built continue to succeed and grow in the future.

Your shoes can only be filled by someone who has had years of training and grooming.

You also want to allow adequate time for a transition period and for your successor to grow into the role.

Doing so will help facilitate open and honest communication.

Having children with competing objectives together on preliminary discussions could cause your children to be hesitant to share their thoughts and feelings, when what you want is to have a full understanding of these matters when you start your plans.

ENSURE COMPLIANCE AND BEST PRACTICES Before you can transfer the company to the next generation you must have something of value to transfer.

The company must be in compliance with all laws and best practices.

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