Family Business Succession Planning

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One of the Biggest Challenges we face in a Family Business is how to pass on the business to the best person in next generation

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Family Business Succession Planning

  1. 1. Family Business Succession Planning www.FamilyBusinessBattleGround.com Family Business Battleground Surviving and Thriving in your Family Business http://www.perfection-consulting.com/wp-content/uploads/2009/06/businessplanning.jpg
  2. 2. Succession is a process requiring planning, teamwork, and constant re-evaluation. Family Business Battleground Surviving and Thriving in your Family Business www.FamilyBusinessBattleGround.com http://www.istockphoto.com/file_thumbview_approve/5068686/2/istockphoto_5068686-business-people-taking-notes-at-a-conference.jpg
  3. 3. Succession can extend from 3 to 6 years or longer depending on the age of the successor. Family Business Battleground Surviving and Thriving in your Family Business www.FamilyBusinessBattleGround.com http://z.about.com/d/humanresources/1/0/u/C/BFSuitHandshake.jpg
  4. 4. One of the Biggest Challenges we face in a Family Business is how to pass on the business to the best person in next generation. Family Business Battleground Surviving and Thriving in your Family Business www.FamilyBusinessBattleGround.com http://images.askmen.com/money/keywords/business-networking_965777.jpg
  5. 5. We need to make the right decisions for- Ourselves, Our family, Our business while balancing the needs of all three. Family Business Battleground Surviving and Thriving in your Family Business www.FamilyBusinessBattleGround.com http://www.life123.com/bm.pix/what-is-a-business-plan.s600x600.jpg
  6. 6. Mainly, a Succession Plan Includes: Family Business Battleground Surviving and Thriving in your Family Business www.FamilyBusinessBattleGround.com <ul><li>Our key goals for the succession process. </li></ul><ul><li>A timetable of the transition stages, from </li></ul><ul><li>identifying a successor, to the staged, and </li></ul><ul><li>then full transfer of responsibilities </li></ul><ul><li>Contingency plans in case the unforeseen </li></ul><ul><li>happens, or the intended successor declines </li></ul><ul><li>the role. </li></ul>
  7. 7. Family has the sole power to decide who the successor will be and when the transition will occur. Family Business Battleground Surviving and Thriving in your Family Business www.FamilyBusinessBattleGround.com http://www.strixsystems.com/images/services/training-288x169.jpg
  8. 8. Succession is a process which occurs in phases. Family Business Battleground Surviving and Thriving in your Family Business www.FamilyBusinessBattleGround.com http://www.thegameoflife.co.uk/media/Lifestyle%20images/Business_clap.jpg
  9. 9. Period when one initiates and educates children is vital during succession for the family business . Family Business Battleground Surviving and Thriving in your Family Business www.FamilyBusinessBattleGround.com http://www.yesdeeglobal.com/image/Clientsimage.jpg
  10. 10. If the business of succession is not done by process and through planning, it will be done by crisis or a failure to plan, with perhaps disastrous results. Family Business Battleground Surviving and Thriving in your Family Business www.FamilyBusinessBattleGround.com http://www.fastbusinessplans.com/images/business-planning.jpg
  11. 11. www.FamilyBusinessBattleGround.com Family Business Battleground Surviving and Thriving in your Family Business Visit Family Business Battleground to share and strengthen Family Business’s and Relationships.

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