⚫ Succession plannig and estate planning. ⚫ Stewardship an owner’s responsibilty.

Succession planning in family business ⚫ Readiness factor.

The steps to create a family participation

Tools of stewardship Family participation plan plan
⚫ Family participation plan ⚫ Involves: 1. Bring all interested family members to the family
⚫ Successor development plan 1. The values and principles that we want to guide the meeting.
⚫ Shareholder’s agreement business. 2. Communicate to the members in advance.
⚫ Business continuity plan 2. How to put these values and principles to put into 3. Attach a questionnaire with the letter.
action. 4. Conduct the family meeting.
3. What guidelines should be established to inform
present and future generations regarding possibilities
for involvement in the business in management and
ownership?

Successor development plan Shareholders’ agreement plan Business continuity plan

⚫ Following steps: ⚫ Determine the target/objective ⚫ Formulate the team
1. Consult book. ⚫ Articulate the legal aspects/obligations. ⚫ Educate the team
⚫ Engage an attorney. ⚫ Facilitate the team’s development
⚫ Analyse the factors which can have an impact on the
goals
⚫ Develop detailed action plans
⚫ Make sure that action plans are realistic and
coordinated.
⚫ Determine mechanism to evaluate progress towards
goal.