Business succession

Sound planning is critical to the successful transfer of a business.

 
Business succession

The health and longevity of a family business depend on early succession planning and on communicating the results of that planning in a timely fashion. Planning efforts should be an ongoing process rather than a distinctive event. This approach will increase the likelihood that the business will endure well beyond a leadership transition, delivering lasting value to the family and other key stakeholders.

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Sound planning is critical to the successful transfer of a business. It matters not only to the owner, but also to customers, suppliers and employees, to name just a few key stakeholders.



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Family business lifecycle

Lifecycle of a family business: Take time to map it out

Successful transition almost always hinges on a well-considered, written plan that clearly specifies the disposition of ownership interests in the business. The earlier the owner develops the plan, the better.

 
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Business partnership written agreement

Put it in writing: It will make things easier in the long run

A successful transition almost always hinges on a well-considered, written plan that clearly specifies the disposition of ownership interests in the business. The earlier the owner develops the plan, the better. That’s because the more time there is to prepare for succession, the greater the opportunity to maximize the business’s value and reduce the risks involved when an owner or key employee exits the business.


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