Products tagged with 'succession planning form'

Every family business should have a succession plan in place.

This article will help you identify the issues to consider when planning your succession plan / exit strategy so that you can retire and pass on your business to the next generation.

Why does a family business need a succession plan?

This article by the Harvard Business Review discusses the reasons why family business owners need to design a transition plan to avoid tension, discord and disruption to business operations.

Topics Discussed

The topics covered in "Succession Planning and the Family Business" include:

• Examining the reasons for leaving the business to a specific family member.
• The most common mistakes in crafting a family-based succession plan.
• Determining what is best for succeeding generations.
• Tips for creating a successful succession plan.

Author Credit

This expert guide was written by Phil Thompson, business lawyer and corporate counsel in Ontario, Canada.

This guide for small business owner managers explains how you can include senior employees in your business succession plan.

Why You Should Include Employees in Succession Planning

There are a number of good reasons to include your long-time employees in your business continuity planning:

• It is a way to give deserving employees an opportunity to acquire the business.
• This is a viable alternative if your family members have no interest in taking over the business. 
• Senior employees often represent the best possible buyers for the business, as they are already actively involved in its operation.

Contents of the Guide

This guide sets out the pros and cons of this exit strategy, the issues you need to consider, and how to structure the deal in the best interests of all parties.

Author Credit

This expert guide was written by Phil Thompson, business lawyer and corporate counsel in Ontario, Canada.