While it may seem obvious that family businesses should prepare for a succession event, it's not always the case. In fact, until recently, most family businesses did not have any succession plans in place. As one can understand, planning for the transfer of power is extremely important. Although this is a long process that involves developing talent across the workforce, a good way to kick off the succession planning process is to review the key functional areas in one's company and create a basic succession plan for those areas. Using a succession planning template can greatly aid in this endeavor. Not only does it enable frank communication about succession plan, a succession planning template helps to visualize what can be an overwhelming subject. All in all, it is essential that family businesses address the issue of succession in all areas of the business and utilize templates that make understanding the process easier for all parties.
The fourth section of the plan is where you develop your STRATEGIES. This is where you choose which tools (media) you will use to reach your target audience. With many marketing tools available for businesses, choosing the right ones can make a big difference in your bottom line. Using the information gathered in the first three sections of the marketing plan template will make the step of deciding which media tools to use easier.