This document outlines a 5-step process for identifying and developing a successor for a family business: 1. Identify suitable candidates early and introduce them to the business to understand its culture and identify their interests. This will help guide their education and integration within the company. 2. Place suitable candidates interested in the business on a management trainee program to gain experience in different departments with mentorship from directors and managers. 3. Have candidates complete projects focused on innovation and improvement in their departments and undergo performance evaluations. They will then propose an overall company plan which is assessed. 4. The managing director will identify the most suitable successor based on their performance and plan utilizing leadership and business framework components.