Ironically, the best time to create a succession plan is when you're too busy managing your growing business. Planning a business exit can be emotional - there are often personal and family dynamics that may conflict with a business's well-being. For this and other practical reasons, planning an exit requires an owner to think strategically, preferably with a professional's help.
The purpose of this type of planning is to create a clear exit path that is simple yet effective in meeting personal and business goals while preserving family harmony during what is often an emotional and conflict-triggering process.
There are certain steps a family can implement to achieve open and trustful communications :
1. Always keep the door open to unpopular opinions.
2. Bring an outside facilitator to initiate and lead the process. This leads to more efficient and objective discussions.
3. Create a commonly agreed upon code of conduct for family meetings that will help keep discussions on lower emotional grounds.
Family meetings are more effective when properly planned with agendas tailored to the family's circumstances. The three common agendas that concern family succession are summarized as follows: