Succession is a term that is used to mean how we plan for the future when it becomes necessary for other people to take our place as an owner, as a parent, as a chairman. Identifying people we would like to follow us is important because we have worked hard for what we have and we want to make sure what we have keeps helping our family as we move on in our lives. There is no one way to do succession because every family business is different but planning for it is a great idea.
Have you heard about the importance of succession planning for family owned businesses? Do you know how that applies to your family business? This segment describes how succession often occurs in family owned businesses and why you may want to start thinking about it.
Do you wonder why it is important to begin the succession process in your family even though it won’t happen for many years into the future ? Does it make a difference if I know what is going to happen but your heir and other stakeholders do not? This segment helps lay out the aspects of succession in family owned businesses and how it can affect many, if not all, of the family business stakeholders.
Do you know how your children will react to your ideas/plan for succession? Have you communicated the plan to them? This case study is an example of two heirs (adult children) learning about a possible succession plan of their father’s and their reaction to the information.
Have you begun your succession planning? Do you even know where to begin? This online quiz is a mix of standard succession planning possibilities. We cover what is and what may be a common misperception.
Case studies are descriptive scenarios that help people think through an idea or concept while applying concepts to the example provided. This Reston case study would be great for a sibling partnership or cousin consortium group. This specific case study allows the participants to consider a scenario about family business management succession while considering how […]