Succession Planning - Success through Generations
While succession planning is integral to any organization with long-term leadership, it is critical to the sustainability of a family enterprise. Factors specific to family business emotions, tax implications, the overlap of ownership and management all serve to compound the devastation of unexpectedly losing a key executive.
Business or management succession planning, with the assistance of ABFI, will provide effective strategies, tools and a defined process to ensure that your family is taken care of and your business continues to thrive.
Quick Tips for Business/Management Succession Planning
One of the first tips we can offer in relation to management succession planning is to start early. The more time you have to prepare all parties impacted, the smoother the transition. Here are several other suggestions:
- Open a dialogue - start talking about succession planning and how important it is to the future of your family enterprise
- Treat management and ownership as separate entities and allocate according to what's best for the business, rather than what is perceived fair and equitable among family members and employees
- Dedicate focused resources and time to the selection, training and development of a corporate successor
- Seek advice from experts and trusted advisors
Business Succession Planning
Ensure the long-term success of your family-owned business with effective, strategic business succession planning. For more insight into this important process,contact us or visit: