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Is Your Team Ready for the People Side of Business Succession?

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Barbara Dartt, DVM, MS | Guest Author | GROW: The Family Business Advisors
Foster Swift Agricultural Law News
January 29, 2016

Answer the questions below.

Eight or more yes = your team is well positioned to develop a comprehensive succession plan.

Seven or less yes = consider finding a trusted advisor with a proven process to assist you in plan development.

  1. Family members understand their role(s) within the business.
  2. Past conflicts are not hindering present day business activity.
  3. Conflicts are resolved directly by the people that have the conflict.
  4. All members clearly understand the way decisions are made.
  5. All family members working in the business would be successful working in another business.
  6. Tough decisions are made and implemented in a timely manner.
  7. A clear picture of the future is agreed to and understood by all.
  8. The successor generation has at least as much passion for the business as the senior generation.
  9. All understand the level of financial performance it takes to have a successful business.
  10. A clear distinction exists between business financial matters and personal financial matters.