A family business succession plan is a strategy that help a family-owned business transition ownership from one generation to the next. It is designed to provide clarity and support for the business’s long-term success. It should address all aspects of succession, from the transfer of ownership to the succession of leadership.
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
This family business succession plan template is designed for any family-owned business that is looking to create a comprehensive plan for transitioning ownership from one generation to the next. It provides a customizable framework that can be tailored to fit the unique needs of any family-owned business.
Focus areas are the broad topics that the family business succession plan should address. They provide an overall framework for the plan, and should include topics such as developing a succession plan, establishing a succession advisory board, and educating family members on ownership transfer.
Objectives are the goals that each focus area should strive towards. For example, under the focus area of developing a succession plan, objectives could include creating a plan for transferring ownership, establishing a timeline for ownership transfer, and other related goals.
Key Performance Indicators (KPIs) are the measurable targets that can be used to track the progress of each objective. For example, under the objective of creating a plan for transferring ownership, a KPI could be documenting the succession plan.
Projects, also known as actions, are the steps that must be taken in order to achieve each KPI. For example, under the KPI of documenting the succession plan, a project could be creating a written succession plan.
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