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Management succession

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Management succession

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.

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