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David Norman & Associates

* Business Succession Planning

    Questions to Ask
  1. Are communications effective and complete within the organization?
  2. Is the organization able to effectively problem-solve, make decisions and plan for the future?
  3. Does a succession plan exist for ownership or management?
  4. Do conflicts exist between family members and non-family business managers?
  5. Are managerial roles, responsibilities and expectations clearly defined?

    Description of Service
    Family/business succession planning is an organizational consulting service that focuses on assisting you in separating family and business issues so that both business and family decisions can be made effectively. The challenge of accomplishing important business tasks while maintaining family harmony is significant. Family business planning helps families who own businesses address this often complex situation.

    Benefits
  • Improved family and business communications
  • Clarification of the future ownership structure
  • Development of a management succession plan and identification of future business leaders
  • Impetus for increased business planning efforts
  • Resolution of conflicts between and among family members, as well as mediation of family and business issues

    Examples
    A family-owned floor covering distributor desired to have the roles and responsibilities of third and fourth generation family members better defined, using the skills, experiences and capabilities of each family member in the business. Results -- Roles and responsibilities were changed and modified, with attention being paid to the need for family members to address personal issues separate from business issues.

    A family-owned hosiery manufacturer desired to develop a succession plan among family members and remove existing friction. Results -- The third generation owners developed a course of action, together with their children, that enable the family to maximize its long-term assets and earning power and ensure that all members were treated equitably.


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