The process of choosing the next generation successor is often more difficult in family businesses than their non-family counterparts. Choosing the wrong successor can be detrimental to both the business and the family. Common management succession issues include:
- Development and implementation of family wealth planning programs;
- Timing of management transition and operational control to the next generation;
- Roles and responsibilities of both current owners and potential successors;
- Competency assessments and grooming plans for potential successors;
- Family business and council meetings, for active family members and the broader family respectively.
By implementing our family business guidelines to family succession and a proper governance structure, the management succession process can be completed with minimal conflict and will result in the most competent successor being chosen.