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Business Succession Planning
Questions to Ask
- Are communications effective and complete within the organization?
- Is the organization able to effectively problem-solve, make
decisions and plan for the future?
- Does a succession plan exist for ownership or management?
- Do conflicts exist between family members and non-family
- 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.
- 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
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
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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