Posting by Admin

Starting a family business, you may think that you’ll run it until you are ready to retire, then pass on the leadership reins to one of your offspring, and that the success and growth will continue at the same pace in perpetuity.  You made a blueprint for the design and continuity of the business, at least the blueprint is in the CAD machine of your brain, if not on paper.  Of course they will know how to do this, and of course they will want to do it this way, and of course they will be able to.  But it is not a far ride from “of course” to “off course.”  And before you know it, your family business ends before becoming a party of more than one.

The following link features a useful article that doesn’t just suggest succession planning for your family business – we hear this all the time.  Instead the piece, as featured in the non-partisan online economic development journal ExchangeMagazine.com, gives specific examples of why your succession plan cannot just be a tacit assumption, and provides practical ways to approach the succession plan beyond getting it in writing.  Check it out; let us know what you think:

http://www.exchangemagazine.com/morningpost/2009/week20/Tuesday/051211.htm

– See more at: http://dcfamilybusiness.com/putting-the-success-in-your-family-business-succession-plan/#sthash.y9xLyTsV.dpuf