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.