Well managed businesses plan and budget for sales, expenses, cashflow and growth. At the same time they should also plan for and anticipate the various changes that occur to a family business which are caused through death, disability or retirement of a key person or any other event that may cause problems within the business. It is estimated that the vast majority of family owned businesses do not have a formal succession plan in place.
This paper analyses some of the issues to be considered in succession planning in a small business under the following headings:
- Why Talk About Succession Planning?
- What Would Happen If
- Key To Prosperity
- Who's Going To Be The Boss?
- Select The Correct Person
- Keeping It In The Family - Can Present Problems
- Succession Planning Must Begin Whilst The Founder Is In Charge
- Don't Delay Abdication
- Assets Being Squandered
- Planning For Succession Is Essential
- Check List For Succession To The Next Generation
