Succession Planning – Family Business Succession Planning an oft neglected topic

Business succession planning should be a top priority but most family business owners put it off as they don't want to think about their retirement, disability or death.

One reason so many family business enterprises ignore succession planning is that it can be uncomfortable. After all, it’s Family with so many emotional layers. Further the founder has to cope up with the thought of giving up control of the business that he / she spent his/her life creating and nurturing. For some founders, the business itself is their identity.

Succession planning is not a simple exercise as a whole host of issues have to be considered by the founder or the business owner such as:
* Identifying his/her successor
* Planning an elaborate induction process for the successor
* Simultaneously finalizing self's post retirement plans to ensure he/she is well provided for.
* Deciding whether to sell the business in case a suitable successor is not found
* Planning the transfer of business ownership and management to new owners

It will be a mistake to put off the succession planning process. If you are interested in making sure that your retirement needs are met and you want your business to flourish for years, a proper succession process will be necessary to achieve these goals.

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