Succession Planning

Abstract

The author focuses on the issues related to succession planning in closely-held businesses. He states that working with family businesses affords unique opportunities and challenges, and argues that recognizing their particular strengths and weaknesses – not typically found in publicly owned companies – can provide important insight for successful planning engagements. Listing five important differentiating features, the author outlines and discusses a ten-step process designed to deal with effective succession planning. Turning to implementation issues, he introduced and discusses seven quantitative and nine qualitative tools, which could be used to create a customized solution.