Succession Planning Starts with Strategy and NOT Financial or Legal

A member of The Family Business Network posed a question "Preparing for succession in your business? How
much consideration should you give to insurance, tax, exit, and
financial planning?"




Well before we focus on finance and legal, the focus should be strategic. Does the business model and competitive context point to a business that the next generation should succeed into? For some reason everyone jumps on the legal financial bandwagon and this only hurts successors. Why? Who wants to succeed into a business that is not viable for the next 20 years... Blockbuster, Best Buy, A&P... do we need more examples?

This is where a business family is more adept at adjusting to the rapidly changing business environment vs a family business. I know this all to well with one advisory after another giving our family business tactical advise vs. strategic and critical thinking. We may have taken a different route with the thinking I propose.

All the best!

Dom Celentano

Tips on Running a Small Business

Source: http://managementofsmallbusiness.blogspot.com/2012/09/succession-planning-starts-with.html

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