The key steps for a successful business succession plan

Added on 08 September 2023

Tags

The key steps for a successful business succession plan

Succession planning in a family business is crucial to ensure a smooth transition of leadership and ownership from one generation to the next. Starting the process of succession planning early and developing a thoughtful plan can help address various challenges such as family dynamics, emotional attachments, retaining valuable employees, overcoming resistance to change, and financial and tax considerations.

A well-prepared succession plan paves the way for a successful transition, securing the future of the business and its legacy. Ferguson Alliance offers a ten-step process to guide you.

Initiate Discussions and Seek Out Advice

The first step is to open discussions. Keep the initial circle small. Your board, your executive team, your trusted advisors. Developing a broader communications plan comes later.

Succession can be a complex and sensitive undertaking with a lot of moving parts. Don’t be afraid to seek out qualified advice. Your banker, your attorney, and your CPA can provide some insight, but may not be the most knowledgeable in this area.