Family Succession Plan First

Then business succession plan

The family succession plan must recognize and accommodate the needs, goals and objectives of each family member. The family's goals and objectives then become the basic building blocks for the development of the business' succession plan.

It is extremely important to first develop the family succession plan and then the business plan. Otherwise the business owner will spend a lot of time and money developing a succession plan that will almost always fail. Sometimes the failure is recognized only after the death of the parents when the "plan" is sprung on the family during the reading of the will - and the legacy the parents were trying to create for their children and grandchildren is destroyed because of greed, misunderstandings and the lack of involvement in the family succession planning process. The family succession plan

should include strategies to put the business interests ahead of the family interests

should emphasize merit over family position

Family-first Business or Business-first Family?

Another important issue that needs to be determined prior to beginning the family succession plan: is yours a family- first business or a business-first family? The answer will significantly impact the succession planning process.

Do you have questions about your organization?
Don't have the answers - don't know who to ask?
It's FREE to
ASK THE EXPERT

Succession Management consultation.
Reply within 48 hours.

http://www.family-business-experts.com/cms-form.html

Consider the multitude of personal sacrifices the business founder made in order to create a successful business. Sacrifices that included 70 to 80 hour work weeks, no weekends, missed little league games, school and community service functions - a business-first family. The second generation now says, "I want to be more involved with my family. I want to belong to the golf club and be a little league coach which means I have to leave the office by 4 o'clock. And by the way, my wife doesn't want me to work on Saturdays anymore!' This is an example of a family-first business.

It is not necessary to calculate this with mathematical precision, but we have developed an excellent survey that helps you, your family and your advisors focus on this critical question.

Family Succession Planning Survey with No-cost feedback

Our survey and Don Schwerzler's no-cost feedback has another very beneficial use for a family and the family business - the family can focus on the specific areas that show weakness and make these the basis for improvement.

Succession Management

The single best succession management strategy is to create an advisory board. Learn why,and how in this interview with our succession management expert.

Succession Management Process

Our succession management process is gaining international recognition. Learn why as we describe it from the most important perspective - the clients.

Business Valuation


	A Good Succession Plan starts with a sound business appraisal. SPARDATA Valuation Experts Interest:

Business valuation is important to the family succession plan. It should be a part of the regular annual strategic planning process not something triggered by a specific event.

Contingency Plan - for an Uncertain Future

A contingency plan uses strategies required to cover the death or incapacitation of key family managers.

Succession Planning Has Changed

A contingency plan uses strategies required to cover the death or incapacitation of key family managers.

Succession planning obstacles in family businesses

Sometimes, the best way to look at a problem is to identify the obstacles to solving that problem. Just like a physical obstacle course, succession planning for family businesses is like an obstacle course. You have to find the obstacles, then overcome them... fly over them, dig under them, outflank them to move around them. And it is often the ones that you didn't see that cause you the biggest problems!

Family Wealth Management

Family wealth management is critically important - family-owned businesses are the economic engines that drive America�s prosperity. But, it's about a lot more than just money.

Family and Business Renewal

Family and business renewal - learn how Karl Bareither accomplishes both with his wealth transfer process. It protects the family wealth and assures successful leadership transition.

Wealth Management Consulting

Here is a process for wealth management consulting to enable professionals to become wealth transfer specialists and grow their practices.

A dozen tactical hints for succession planning

Here are about a dozen practical hints that we've found to be useful in doing a family succession plan. A few might really surprise you!

Succession: 3 Ways to Ease the Transition

For family owned businesses, planning how to leave your business to the next generation can be the most difficult task of all. Generally the process occurs only once in a lifetime and without a significant investment in planning, the succession process can cause havoc in the business and family.

The family succession plan is the important foundation for the family business' succession plan.
Contact Family Business Experts for help with all aspects of your family succession plan.

Please stay in touch and subscribe to our
Understanding Family Business e-zine.

Return from Family Succession Plan to
Family Business Experts Home Page