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Family Business Succession Planning
Preparing the Next Generation
Your involvement as an owner → Prepare, educate, train and mentor → Appoint → Scale back → Trust
Tips for handing over your business:
As an owner be real with yourself
Find out who’s interested
Use your judgment
Choose your successor
Begin delegating and stepping back
Solicit input but don’t be pushy
Questions to consider when choosing a successor:
Do they love the business?
Are they capable of, and willing to work long hours?
Can they manage those critical relationships? Customers, vendors, key employees, etc.
Who makes the business operate?
Is your successor’s immediate family supportive of the transition?