Planning For Succession Checklist

Submitted by Dave Schnarr

• Involve all stakeholders – consult with and involve key family members, next generation, senior managers, etc.
• Communicate, communicate, communicate – ensure that all stakeholders know what the process will look like and keep them informed of the progress in each step.
• The founder/owner takes a leadership role – he/she must actively manage the design and implementation of the plan – this could be a co-leader ship process.
• Set up processes for conflict resolution and for reaching consensus.
• Develop a clear vision for the future that all key family members have helped to build and can implement.
• Implement the vision including clearly outlining the roles and responsibilities that each one will play.
• Develop a plan to mentor the new leadership and the progress of the succession.
• Design an estate plan that clearly outlines how ownership will be distributed among the next generation.
• Inform all other stakeholders such as banks, suppliers, clients, etc. of the succession plan.
• Set up and maintain a family council to meet regularly to discuss family issues such as values, how to resolve differences and future visioning.