Tracking. Now that the tasks are being completed, the next step in the action plan template is monitoring each task. You want to know where each team member is in their task and their expected timeline to completion. You might find a step you expected to move along quickly is actually taking a bit longer than expected. Be prepared to alter timelines and reprioritize tasks in response to delayed goals and unexpected roadblocks.
Perhaps the most powerful illustration of succession's importance inside the family firm is the staggering number of family businesses that plan to hand over control to the next generation in the short_term. For instance, in the US alone, 40% of family business CEO's are planning to transfer power to the next generation within the next 5 years. When viewed in combination with the factors surrounding succession, this statistic truly represents the importance of the succession process not only within the firm, but also on a macroeconomic level_family_owned businesses have served as the backbone of society since the times of the ancient Greeks.