FAMILY BUSINESS ADVICE - SUCCESSION PLANNING

Begin with the exit in mind

At some point the CEO of the family business will want to retire. Hopefully a succession plan is in place and the next generation leadership is already running the show or being groomed and waiting to take over. But what if there is no one in the family interested or, worse still, the next generation just don’t have the skills, drive or passion to take on the job?

Remember, failing to plan is most certainly planning to fail.

  

OPTIONS

  • Hand over the reigns to the next generation
  • Appoint a non family management team run the business
  • Franchise the business
  • MBO
  • Trade sale
  • Merger
  • Take the money and shut it down!
  • Employee Ownership