Succession planning is critical in family businesses to ensure leadership continuity and avoid disruptions. As a competitive advantage, top families and businesses retain key talents and generate a pipeline of leaders who can help the family and businesses fulfill its long-term strategies.
Family succession planning and business succession planning go hand-in-hand. They need to align properly when the main source of wealth and income is the family business.
Our parallel succession planning process applies to family businesses and families. Though shown as a linear process, the actual process is reviewed at least annually. At the end of each year following the initial evaluation, we revisit the strategy and mission and fine-tune the alignments.
Succession Planning Process