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15 Guidelines for Succession

October 14, 2015 at 2:45 PM
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Authored by FBCG, The Family Business Consulting Group

Succession is the most painful and critical time for family businesses. Less than one-third of family businesses survive into the second generation, and only about 13 percent make it into the third generation.

How do the successful ones make it? After working with hundreds of family businesses, The Family Business Consulting Group offers 15 guidelines that we hope will help you during the succession process.

 

15 Guidelines for Succession

  1. Succession is a process – not an event.
  2. Present the business as an option – not an obligation.
  3. Get outside experience.
  4. Hire into an existing job.
  5. Encourage the development of complementary skills.
  6. Teach the foundations.
  7. Start with mentors.
  8. Designate an area of responsibility.
  9. Develop a rationale.
  10. Recognize that you are not alone.
  11. Have family meetings.
  12. Plan, plan, plan.
  13. Create an advisory board.
  14. Set a date.
  15. Let go.

 Click the button below to download the full white paper.

DOWNLOAD


John L. Ward is the Professor of Family Enterprise, Kellogg School of Management and the Co-Founder of The Family Business Consulting Group, Inc. He can be reached at ward@thefbcg.com or 847-475-3000.

Stephen L. McClure, Ph.D., is a principal with The Family Business Consulting Group, Inc., and can be reached at mcclure@thefbcg.com or 208.342.7775.


Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your needs.

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According to Forbes, 50% of the gross domestic product of the U.S. are controlled by families.

However, only 52% of business expect the next generation can manage the business on their own according to a PWC survey.

Is your business prepared to face perpetuation & succession challenges?

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