Succession planning can be murky for family businesses. What do you do when family members aren’t equipped to take over the business? How do you proceed without hurting feelings or stirring up conflict? One way is to reframe how we view succession planning.
First and foremost, succession planning should focus on the continuity of the business, argues Russ Haworth. Rather than calling it “succession planning,” it should be referred to as business continuity planning. Because planning for business continuity will help you determine who can best achieve success for the business. But the process of preparing for transition isn’t as simple as calling it a new name. You must understand the three elements necessary for the success of a business’s continuity.
Discover the three elements of business continuity planning for family businesses in “Succession Planning in Family Business.” Come away with tools that will prepare you and your family business for the challenges of transition.
Read about the three elements of business continuity planning for family businesses here.
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