CA2825 A Template for Family Business Succession Planning

The secret to successful succession planning

A recent national study found that 69 percent of family businesses surveyed expected the business to continue into the next generation, but only 23 percent had a robust, documented business succession plan1. That's because succession planning is complicated and full of difficult decisions about the unknown.

Entering unfamiliar territory without a map can be stressful. Providing your family-owned business clients with an organized, step-by-step outline of the process makes the whole idea much less intimidating. A Template for Family Business Succession Planning does just that.

Chart your course

Receive a simple, straightforward map of succession planning steps to follow that include:

• Collecting information and reviewing business records
• Obtaining a reliable valuation
• Developing a business continuation plan
• Optimizing the family business organizational structure
• Designing rules regulating governance, ownership, and owner exits
• And much more

Find out how to customize the template into a client-specific outline of steps to complete together. In addition, learn the importance of keeping later steps in mind while working through the process sequentially.

Avoid plot twists

Without a formal succession plan, businesses can suffer from unprepared leaders, family member disagreements on the successor, and many other problems that could have been prevented. Show your clients how simple it can be to start planning with A Template for Family Business Succession Planning.