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.
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.