Family Business Succession and Development
Dr. Gerard Donnellan is the author of Who Will Drive the Bus? Guidance for Developing Leaders in the Family Enterprise. Available on Amazon.
Elements of a well-crafted succession plan include:
- The history of the creation and growth of the family business
- Specifying and carving out the respective roles of family members and others in the business. This includes clear job descriptions, hire and fire policies, decision-making, assessment/feedback for all employees and other essential management issues.
- Developing pathways that considers and welcomes family members, including the next generation into the business.
- The role of the CEO, including the support and guidance of the Board.
- The roles of Board members.
- The needs and development of the NextGen: developing clear requirements for entering the business.
- Leadership development and transition plan