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Several studies have shown that a systematic approach is a major factor in a successful succession. Generally, the planning will first relate to the transfer of the management, and then to the transfer of the ownership.
As appears from the following figure, within the succession framework, planning is necessary around five poles: the family business itself, the family, the incumbent leader, the successor and the ownership.
The following plans, among others, can be worked out around these five poles:
The business
- a governance plan (see success factor 3);
- a strategic plan : within the succession framework, the incumbent leader, the successor and other stakeholders have an interest in knowing what the strategy of the family business is (see success factor 5)
The family
- formulation of the owner's vision;
- family governance :
- family charter;
- family forum.
The incumbent leader
- formulation of his new role;
- timing of the succession;
- financial planning;
- emergency plan;
The (candidate) successor(s)
- study plan;
- career plan;
- training plan;
- mentoring plan;
The ownership
- legal planning;
- tax planning;
- shareholders' agreement;
- setting up of control structures;
- valuation;
- liquidity planning.
Not all families have to have all plans. What is truly necessary and useful will depend on the specifics of the particular case.
Jozef LIEVENS holds a degree in law and an MBA. He is a lawyer and partner in the Eubelius law firm. He is managing director of the Institute for Family Business and FBNet Belgium. He is an UAMS executive professor teaching the module "Leading the Family Business" in the DJMI Managing the Diamond and Jewellery Course. His website is: www.familiebedrijf.be |
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