Family business members often feel succession planning is a complicated process and will take too much time to prepare
Succession planning doesn’t have to be a long, complex, formal process. One approach that takes less time, and is easier to get started, is creating a lean succession plan. Preparing this top level “working” plan can be used on an ongoing basis, not just a one-time exercise that gets filed away on the shelf.
Keeping the Process Simple-Elements of a “Lean Succession” Plan
- Keep the process to a minimum-shortcut the process
- Create a “working” plan- not a one-time exercise-think: family strategic plan
- Keep it simple-Shorter, less complicated, informal plan you can work on right away
- Focus on actionable real-life issues not textbook theory
- Discuss the less contentious issues first and gradually move to the others
- Start with a top level plan and add the details later
- Thinking about the issues more important than the process
- Anticipating the identity of the business beyond the founder
- Important to just get a plan started – know you can always make changes later
- Bottom line: Moving family forward
