This paper includes a summary of items which should be considered in succession planning for family businesses. Items covered include:
- List Of Secrets
- Insurance
- Buy/Sell Agreement
- Will
- Executors
- Management Succession
- Bankers And Suppliers Reaction
- Training For Family Members
- External Executives
- External Directors
- Non Family Employee
- Job Descriptions
- Staff Appraisals
- Training Programmes
- Business Plan
- Family Charter/Constitution
- Family Meetings
- Minutes Prepared
- Appreciation Of What The Business Does
- Corporate Structures
- Personal Guarantees
- Spouse
- Transfer Of Ownership During Lifetime
- Superannuation Fund
- Financial Plan For Retirement
- Retirement Planning
- Contingencies
- Other Business Relationships
- Do Any Arrangements Terminate At Death?
- Can Anything Be Done To Prevent This?
- In-Laws
- Partnership Issues
- Capital Gains Tax Implications
- "Special Treatment" Requirements?
- "Death Audit"
