Answer the questions below.
Eight or more yes = your team is well positioned to develop a comprehensive succession plan.
Seven or less yes = consider finding a trusted advisor with a proven process to assist you in plan development.
- Family members understand their role(s) within the business.
- Past conflicts are not hindering present day business activity.
- Conflicts are resolved directly by the people that have the conflict.
- All members clearly understand the way decisions are made.
- All family members working in the business would be successful working in another business.
- Tough decisions are made and implemented in a timely manner.
- A clear picture of the future is agreed to and understood by all.
- The successor generation has at least as much passion for the business as the senior generation.
- All understand the level of financial performance it takes to have a successful business.
- A clear distinction exists between business financial matters and personal financial matters.
Barbara Dartt, DVM, MS ,Guest Author , GROW: The Family Business Advisors Foster Swift Agricultural Law News