What’s involved in succession planning for family businesses?

Transferring the family business requires the family to make a determined effort to do the following:

• Create a business strategic plan.
• Create a family strategic plan.
• Prepare an Estate Plan.
• Prepare a Succession Plan, including arranging for successor training and setting a retirement date.

These are the four plans that make up the transition process. By implementing them, you will virtually ensure the successful transfer of your business within the family hierarchy.