Succession planning typically revolves around questions of “Who will do what when I pass away?” “Who has the potential to lead?” or “Who has the skills to succeed me?” These questions are important to answer. But they’re not the only questions founders or current leadership need to consider.
Legacy planning—determining the core beliefs and values of a family business—is equally important to the success and future of the family and the business. However, legacy planning is often ignored or overlooked. And, according to Aquesha Daniels, without communicated core beliefs or values upon transition, a business can face an identity crisis. So, how does a family business avoid an identity crisis and the possible dissolution of the business?
It starts with documenting core beliefs and values.
To learn more about why your family business needs a legacy plan, read Aquesha Daniels’ “Beyond Succession: Family Firms Need a Legacy Plan Too.” Uncover additional tips on how to legacy plan.
Read about why your family business needs a legacy plan here.
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