Importance Of Succession Planning In Family Business

Importance Of Succession Planning In Family Business-8
This gives the family member employee a broader and better perspective on how businesses run.

This gives the family member employee a broader and better perspective on how businesses run.

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ENSURE THE NEXT GENERATION IS ADEQUATELY TRAINED TO LEAD Most family businesses put off succession planning because it can lead to family drama.

If one family member is chosen to be the next CEO, this means others were rejected.

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

If not, you are simply passing problems to the next generation.

These steps need to be modified based on the size of the business and the complexity of the transition.

COMMUNICATE, COMMUNICATE, COMMUNICATE Communication is vital in a family business because there may be misperceptions when transferring the business from one generation to the next.

These opposed perceptions are due to a fundamental breakdown in communication.

The current owners of the business must communicate to the future leaders their exit plans and vision for the transition.

Bureau of the Census, about 90 percent of American businesses are family-owned or controlled.

One way to ensure that your business continues to thrive in your absence is to incorporate a business succession planning component into your comprehensive estate plan.

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