Our first article in the Family Business Succession Planning Series covered the preparations necessary to begin the succession process. In this article, we’re going to present the key points you need to address to determine whether the family transition will be successful.
In this self-assessment of viability, there are seventeen items on the checklist. We’re going to cover the first eight today and the final nine in the next article. Your probability of a successful transition will increase as you address and resolve the questions.
So, you have finally decided to think about what your business would look like without you at the helm. Before you transition or sell your business, you first need to determine if you are ready for what’s about to happen. Yes, I said, “happen.” Sounds like I’m going to guide you through a train wreck, and that is exactly what you were thinking when you read the title of this post. In reality, you have been putting this off for the last ten years because you thought it was going to be an ordeal, or your own personal nightmare. The key to a successful transition is preparedness. Have you ever heard the adage, “It’s better to have a bad plan than no plan?” So, let’s get started on your plan and see how it turns out.