Business Families need to build structures for the success of the future generations. Continuity and long term planning are critical for achieving a long term legacy, by defining when family members can start working in their family businesses, which family members can serve on board and defining a plan for the next generation leadership from the family or even outside.
A very well though out strategic plan can provide immense stability to the family business management without any challenges and tensions during the passing of the baton to the next generation family members
Some business families avoid discussing continuity and succession planning only to keep the family tensions at bay and live in peace for the moment. Continuity is critical for the legacy of the family and the business, supporting business growth and reducing the mental impacts on the employees.
Succession Planning in an ongoing process, which needs careful planning and preparation for smooth transition of ownership, leadership and management of the family business and family assets to the future successive generations
A strong successful continuity plan can foresee the challenges faced by the siblings, cousins, and large groups of business owners, shareholders. Structures are put in place to ensure strong leadership, effective decision making, for protecting family wealth and the family relationships. Without a succession plan, the business can have a high structural risk and the family relationships could be at stake.
For creating an effective Family Business Succession Plan, please do get in touch with us on info@valueaddedcoaching.com or Call / Whatsapp: +91 9824009792
