Sandra McNeely—The Abbey Group Is presenting at the 2013 ANNUAL PRAIRIE FAMILY BUSINESS CONFERENCE AUGUST 22-23, 2013 at Holiday Inn City Centre in Sioux Falls, South Dakota.
“ Elements of a Succession Plan and Implementation “
Transitioning the family business to the next generation is an important process for both the family and business. Many issues may arise during this time that can cause the family structure to break down.
A key to preventing this collapse is a smooth changeover between leaders in the form of a succession plan. A succession plan can also prevent future misunderstandings of leadership roles; therefore, it is important to communicate the succession plan among key staff within the family business.
Sharing the plan will prevent confusion within the business or family, should a crisis arise. Confirming understanding of roles can also help prevent any rifts from forming between family members.