The Meeting. Now that you have developed a plan and set tasks for each group member it is time to get everyone together. At this meeting you will outline the overall goal of the assignment. You will also dole out the tasks. All team members must be aware of what others in the group are doing to complete the goal. Therefore it is very important to make sure everyone understands what their role is as well as the roles of their peers.
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.