Monday, March 29, 1999
 

Here are things to keep in mind when planning who will take over the family business:

• Does your family talk openly about your business and your plans for the future?

• Are you committed to family succession?

• Have you set a date for retirement?

• Have you chosen a successor and communicated the choice to your family?

• Are you ready to let others make decisions and take risks in the business?

• Have you clearly defined who will own the business in the future and in what proportion?

• Has your intended successor gained worthwhile experience outside the family business?

• Has a clear, personal development plan been laid for the successor?

• Does the successor have an opportunity to make an independent and visible contribution to the business?

• Would your company continue to run smoothly if you were incapacitated right now?

Sources: Austin Family Business Program at Oregon State University and Bud Larimer, family business specialist at the Richards Agency in Seattle