(for family business)
Key terms: 5.6.4 Succession planning, 1.4.3 Family business. Key tools: Question Map
Succession planning in non-family organizations is fairly straightforward (see the definition at 5.6.4 Succession planning). But "succession planning" in family business means something much more complicated: it often deals with ownership, training and development, organizational design, financing and even facilities. Issues of family dynamics (which the Center does not address) are critical: get outside advice at the first sign of serious conflict.
While every family business should have a family council, an external board of advisors and a strategic plan, succession in family business really means answering the question, "Who will lead the company when the current member of the 'managing generation' retires?" This question then starts a cascade of others about the readiness and placement of other family members in management roles.
Family businesses can be wonderful and terrible. Having solid management discipline will help everyone retain their objectivity.