Planning for Succession Checklist

 In Succession Planning

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.
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