Succession Planning is like launching a satellite. In the case of the satellite, the goal is to build it so that it will serve the need for which it is designed (communications, weather, spy) and launch it into orbit.

In order to do this successfully, a series of steps must be followed and each one needs to happen in a specific order.

The succession of a business from one owner to another must also follow a series of steps. When it is a family owned business and it is to be transferred to family members, the need for Succession Planning has an added dimension of family dynamics.

Transitioning the Family Business

• Develop the goal of transitioning the business
• Planning and design of the transition
• Account for family interaction
• Planning for the transition
• Initiate the transition
• Monitor the transition of management and family interaction
• Release the business to new owners

Once the satelllite is released into orbit, little can be done to adjust the momentum of the satellite's path. Likewise, the successful path of a business succession, is dependent upon good up-front planning and communication.