The many complex considerations of ownership can be simplified and streamlined by developing a plan that helps owners understand their individual roles and responsibilities and speak with one voice.
- Developing an owners' plan: a unified statement of the owners' values, needs and goals, how the owners will work as a group, and what kind of board arrangement they want
- Resolving ownership conflicts
- Developing and implementing succession and transition plans
- Identifying how everyone will be involved
A company that transitions effectively and is able to respond to the values, needs and goals of the owners does so by developing and implementing a comprehensive management plan.
- Recognizing and solving problems that impede transition, and guiding the process of change
- Developing a plan to transition senior generation roles and responsibilities
- Working with owners and family members employed in the business
- Building organizational structures and management teams
- Preparing the company for growth
- Raising the standards for individual behavior, performance and communication
- Developing strategic plans, annual plans and performance-review systems that are integrated
Transition planning will be more effective when the owners agree upon and endorse a board structure and process.
This is achieved by:
- Helping owners understand how board decisions are made in their business
- Helping owners and managers understand what boards do
- Designing and building board arrangements and processes that facilitate transition
- Establishing and developing boards of directors and/or advisory groups based on the owners' needs and goals
A successful family business hinges on establishing an agreed-upon structure and process for family members working together.
This is done by:
- Developing family business policies
- Developing family councils
- Asking their professional advisors to be part of the transition team