Family Business Succession Planning

Many family businesses have grown organically while employing members of the immediate and extended family bringing together different talents, qualifications, personalities and points of views. The business may have grown into a successful and vibrant SME. In Ireland families in business embrace all sectors of the economy. Successful indigenous family industries include fishing sector, apparel, music and arts, hotel and catering and family practices in legal and medical fields. Traditionally family members supported each other to get established. Now maybe a good time to reflect and be proactive on the next important transition.

Would the following agenda be of benefit to your family meeting- if YES, contact Succession Ireland.

  • Is there a harmonious succession plan for your business?
  • Who knows what the plan is if it’s only in your head.
  • Is there a buy-in or pay off expected as part of the strategy.
  • Company shares and ownership.
  • Exit policy, is it financially viable.
  • Assumptions, presumptions and promises …. to be addressed.
  • The family boundaries and the business relationships.

Why an active succession planning strategy is important

The importance of an agreed succession plan should be clearly understood by all key members to ensure the future financial security of the business. Maintaining and nurturing harmonious relationships within the family and business colleagues needs to continue to achieve personal and business objectives. When all stake-holders have a vested interest, the importance of inclusion and acknowledgement through a mediated succession plan cannot be over emphasised. The future success for many family businesses rests with an agreed succession arrangement.

Succession Ireland offer a respectful, safe facilitated environment where the conversations surrounding strategic planning for a family SME can be held.

Without a good, inclusive succession plan, key events in the lifetime of a family business can have devastating effects. For instance if the current generation have a clear and understood exit strategy from the business, it allows both them and the incoming generation time, to adjust to the associated life-changes with comparative ease. Time, staff and the economic environment will change. Good planning in a healthy communications environment will help your business to survive all such changes. Succession Ireland helps your business achieve this environment.

Contact Succession Ireland today.