What is a Family Business Succession Plan?
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.
What's included in this Family Business Succession Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Family Business Succession Plan template for?
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.
1. Define clear examples of your focus areas
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.
2. Think about the objectives that could fall under that focus area
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.
3. Set measurable targets (KPIs) to tackle the objectives
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.
4. Implement related projects to achieve the KPIs
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.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform enables family businesses to track and monitor their strategic plans in real time. It provides a comprehensive suite of tools to help businesses quickly and efficiently implement their succession plan, and measure its success.