Typically, succession planning is reserved for the transition between generations. But not every family business has a ready Next Gen successor. In these moments, families need a thoughtful succession plan for their non-family executives. Similar to planning for the Next Gen to take over, appointing non-family executives deserves a carefully designed plan. This plan should clearly define the skills and experience an executive needs to fulfill their role. It must also clarify to all family members the reasons for appointing the non-family executive.
There are five more best practices family businesses should adopt when appointing non-family executives. You can read about them in this article.
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