Succession PlanningPlanning Succession Today So You Are Ready For Tomorrow
I lost both of my parents in a private plane accident in 1992. They were barely 60 years old. My wife loss her dad when she was 12 due to an automobile accident. The father-in-law that I never met was only 35 years old when he died. We are all going to die, sometimes much earlier than we think.
If this is the case why is it that many family business owners have not prepared for the unthinkable? Maybe they purchased a life insurance policy, which can prevent a financial crisis for the family. But all too often no thought has gone into the continuation of the family firm in the case of death or major disability of the CEO.
We will work with you to think thru these “what if” scenarios and help develop contingency plans that will secure your business, the employment of its workforce and the well being of your family.
Succession planning is vital to the health of an organization. Identifying talent – both family members and external human assets who have the potential to fill key future vacancies in your company – is a core responsibility of the CEO. Is employment in the family business a birthright or is it based on merit of the family member and an available position?
These issues need to be put on the table, talked about, reflected on, put in writing and communicated to the entire family and organization. Only when the rules of the game are known well in advance of a decision, will all concerned know that they have been treated fairly. This is vitally important to the health of both the family and business.
At Lohoff-Gaida Consulting, we look forward to having these discussions with you and leading you through the process.