Family Business Succession Planning Checklist

Take time out to run through the list of famous families who have businesses you know and you would find that some of them are being managed by 2 nd 3 rd and even the 4 th generations.

Family business succession planning checklist.

Business succession planning checklist. Family farm business succession plan checklist approaching the porcupine original written by derek j. Clearly not all of the questions will apply equally to each particular business and business owner. The irony for family business owners.

Successors identify your successors both managers of the company and owners of the business. Document the succession plan in writing. With the goal of business succession planning being to successfully transfer the family business to the next generation it should be done in a way that increases the likelihood of success. What is the process of succession planning.

The checklist that follows is intended to provide business owners with a number of questions to consider that relate to their state of preparedness for desired family succession. Business succession planning refers to the practice of using estate planning strategies to increase the chances for the survival of your family business when you retire or die unexpectedly. Family business succession planning is one of the most crucial but often ignored aspects of small business planning. Business succession is a major dilemma that can cause a small family business to go under in the event that the owner dies.

It s ironic notes joe fahey pnc director of business succession planning that the things that make these owners successful vision communication. Family business best practices. Establish a method for dispute resolution. Communicate your succession plan to family stakeholders.

Fryer fca retired modified and re published by british columbia ministry of agriculture 2011 funding provided by. Plan for the potential burden of estate taxes on your family business. Family businesses of all sizes are vital to our economy yet in a 2016 pricewaterhousecoopers survey only 23 of family businesses had a full succession plan in place. An approach to family business succession planning that produces better results.

As such estate taxes must be a primary concern. A new family business succession model that focuses on managing the family component during the succession process. A comprehensive range of proven how to strategies to assist family businesses in. It s difficult to think about a succession planning strategy because by nature it means that we are facing the next stage of life.

Involve family members in the decision making process. 32 questions to ask if you own a family business. Among the factors that will.