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The following article was published in our article directory on December 18, 2013.
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The Benefit of Collaboration in Family Business Succession Plans

Article Category: Business Management

Author Name: Wayne Messick

Family business succession plans are more important today than ever before. Global competition is fierce and succession planning mistakes a successful business could absorb only a few years ago can absorb the business completely - hardly leaving a wet spot.

Not only is competition an issue of great contention - the family business landscape as a whole has changed in so many ways, making effective family business succession plans far more difficult to contemplate as well as more complicated than just 10 years ago. Not more difficult from a technical perspective or for that matter even a taxation related point of view. But more challenging none the less.

Family owned companies, the firms who account for over three quarters of all businesses, understand the importance of family business succession plans. They know full well that effective succession planning is often very tough indeed, because personal feelings come into play.

Hiring a consultant is a good way to get a neutral viewpoint, to get a start on the process and even to get someone who can tell the next generation of future owners how you really feel about their chances of success running the business you've built.

A good consultant will help owners identify potential talent or verify that the talent is actually there - something often very hard for the owners (fathers, mothers, aunts, and uncles of the next generation) to do when their feelings get out front of their objectivity.

Despite the fact that it may be your style to sort of make it up as you go along, when it comes to management succession planning you need to be sure that the information you are depending on is up to date. Books about family business succession plans from three or five years ago will be out of date.

Just consider how the tax code has changed, how much your company's value has changed, and how much interest rates have changed over that period. Whatever you thought would work before needs going over with a very sharp pencil - if you want to be sure it will still have the results you are after.

Choose a young team or at least one with a couple of young members if you decide to hire a consulting firm. Experience may be important, because of the real-life insights that come from having seen management succession plans through from conception to creation to implementation. But being "in touch" with today's specific challenges is just as, if not more important.

Many business are feeling the effects of an aging workforce. It is as true today as it has ever been that in almost every case the business owner has key employees within ten years of their age - people they have grown up together with in the business. This is often referred to as the "bridge" group - the key players in the organization whose experience mirrors that of the founder and whose age creates a bridge between the founder and the successor generations.

Effective succession planning requires the head of the organization to be able to identify someone that can easily step into their role. A neutral eye can help with that, too, even when the business is not family owned.

Increased competition within your industry has made it harder to find and keep talented employees. That's particularly true in technical fields. Headhunters abound. No team member should be irreplaceable. There should always be someone able and willing to step into that position, in the event that an employee suddenly finds a better offer at another company.

Management succession planning almost requires a crystal ball. You may know what your current needs are, but how will that change in the future. There may be some team members that are no longer necessary or may become unnecessary over the next 10 years. Identifying those positions and thinking about ways to redistribute that employee's duties may be all that you need to do.

Many online tools and software packages are available to help you "see" what's going to happen, or at least, what is expected to happen, over the next two decades. Effective family business succession plans can ensure that your business will continue to be successful in the future.

Procrastination is one thing that you can not afford. Get started on your family business succession plans today.

Keywords: family business succession plans, management succession planning, effective succession planning, what is succession planning, definition of succession planning, succession management planning, succession planning template

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