Family Business Succession Planning Template

Family Business Succession Planning Template-34
It might mean they ultimately decide to opt out because they don’t like the new role or don’t want to take this next step.

It might mean they ultimately decide to opt out because they don’t like the new role or don’t want to take this next step.It might mean they can identify where they feel they require additional skills development in order to take on the role.Failure is imminent if the individual is not forewarned and prepared to assume their expanded role.

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Without that simple plan you could be on track to jeopardize the future of the business, harm relationships in the family, and ultimately it could mean your own transition is delayed or – in the worst case – derailed.

The third secret is that you can make certain the plan is understood and acted upon by everyone who will rely on its success.

In fact, over the time you have allowed between when you identify the successor and the time that person fully assumes the role.

It’s easy to forget that a transition means change for both you and the business.

How does a business successfully identify its leadership successor(s)?

Family Business Succession Planning Template

How does anyone learn to take on a role that you created?

Engage reliable and robust resources to help you and the candidate ascertain their current skills and abilities and evaluate their potential for success.

They might need additional training, skills development, or on-the-job experience; being prepared well before the transition begins is important.

The second secret is that you can create simple yet very effective succession plans.

You can orchestrate the succession that best suits you, your business and your family.

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