{"id":60,"date":"2015-11-20T10:55:29","date_gmt":"2015-11-20T10:55:29","guid":{"rendered":"http:\/\/blogs.isb.edu\/centre-for-family-enterprise\/?p=60"},"modified":"2025-12-31T09:45:15","modified_gmt":"2025-12-31T09:45:15","slug":"succession-plan-vital-for-all-businesses-irrespective-of-size","status":"publish","type":"post","link":"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/2015\/11\/20\/succession-plan-vital-for-all-businesses-irrespective-of-size\/","title":{"rendered":"Succession Plan Vital for all Businesses Irrespective of Size"},"content":{"rendered":"<p>In a recent article published in the Silicon Valley Business Journal, Jody Meacham, argues that most family business owners don\u2019t have a succession plan in place. The reasons he says are varied and quite personal: \u201cMany owners feel they\u2019re never going to stop working, they\u2019re too busy, children\u2019s abilities and wishes vary from child to child, and \u2014 bottom line \u2014 it\u2019s not the legacy that\u2019s difficult to think about, but the death that creates it.\u201d<\/p>\n<p>In such a scenario, it is imperative to get professional advice outside as well as from within the family circle. Moreover communication is key, if future problems are to be avoided after the owners\u2019 death, incapacitating illness or injury. Thus he suggests that:<\/p>\n<ul>\n<li>The owners\u2019 wishes should be communicated to family, accountants, attorneys and advisers.<\/li>\n<li>Plans should be documented properly, so the owners\u2019 wishes are clear. Wills tend to be contested.<\/li>\n<li>Plans should be updated frequently so they evolve with changing circumstances.<\/li>\n<\/ul>\n<p>On the issue of succession a recent article in The Strait Times by Jeremy Koh, spells out a few tips for smooth succession.<\/p>\n<ul>\n<li>The topic of succession should be raised early. This is essential as otherwise; the younger generation is unable to plan effectively for the future.<\/li>\n<li>Sometimes it is necessary to woo family members into the business. Youngsters may develop different interests and may not be receptive to joining the traditional business.<\/li>\n<li>Training the next generation is crucial. Some businesses assign junior roles to incoming family members so they can gain the experience required to take on larger roles. Some family businesses on the other hand buy a smaller company, to let their son or daughter first run that business.<\/li>\n<li>Getting outside help in exceptional cases when the next generation is still not ready to take on the leadership role becomes imperative and should not be frowned upon.<\/li>\n<\/ul>\n<p><em>Source :\u00a0<\/em><i>Silicon Valley Business Journal; The Strait Times<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a recent article published in the Silicon Valley Business Journal, Jody Meacham, argues that most family business owners don\u2019t have a succession plan in place. The reasons he says are varied and quite personal: \u201cMany owners feel they\u2019re never going to stop working, they\u2019re too busy, children\u2019s abilities and wishes vary from child to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false},"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Succession Plan Vital for all Businesses Irrespective of Size - Thomas Schmidheiny Centre for Family Enterprise<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/2015\/11\/20\/succession-plan-vital-for-all-businesses-irrespective-of-size\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Succession Plan Vital for all Businesses Irrespective of Size - Thomas Schmidheiny Centre for Family Enterprise\" \/>\n<meta property=\"og:description\" content=\"In a recent article published in the Silicon Valley Business Journal, Jody Meacham, argues that most family business owners don\u2019t have a succession plan in place. The reasons he says are varied and quite personal: \u201cMany owners feel they\u2019re never going to stop working, they\u2019re too busy, children\u2019s abilities and wishes vary from child to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/2015\/11\/20\/succession-plan-vital-for-all-businesses-irrespective-of-size\/\" \/>\n<meta property=\"og:site_name\" content=\"Thomas Schmidheiny Centre for Family Enterprise\" \/>\n<meta property=\"article:published_time\" content=\"2015-11-20T10:55:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-31T09:45:15+00:00\" \/>\n<meta name=\"author\" content=\"Editorial team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editorial team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/2015\/11\/20\/succession-plan-vital-for-all-businesses-irrespective-of-size\/\",\"url\":\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/2015\/11\/20\/succession-plan-vital-for-all-businesses-irrespective-of-size\/\",\"name\":\"Succession Plan Vital for all Businesses Irrespective of Size - Thomas Schmidheiny Centre for Family Enterprise\",\"isPartOf\":{\"@id\":\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/#website\"},\"datePublished\":\"2015-11-20T10:55:29+00:00\",\"dateModified\":\"2025-12-31T09:45:15+00:00\",\"author\":{\"@id\":\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/#\/schema\/person\/36b0b1fce0228ee6b0380926861571cc\"},\"breadcrumb\":{\"@id\":\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/2015\/11\/20\/succession-plan-vital-for-all-businesses-irrespective-of-size\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/2015\/11\/20\/succession-plan-vital-for-all-businesses-irrespective-of-size\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/2015\/11\/20\/succession-plan-vital-for-all-businesses-irrespective-of-size\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Succession Plan Vital for all Businesses Irrespective of Size\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/#website\",\"url\":\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/\",\"name\":\"Thomas Schmidheiny Centre for Family Enterprise\",\"description\":\"Creating value for families and businesses through research and innovation\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/#\/schema\/person\/36b0b1fce0228ee6b0380926861571cc\",\"name\":\"Editorial team\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/20fb226145337a9ce5d93494a13b2d55?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/20fb226145337a9ce5d93494a13b2d55?s=96&d=mm&r=g\",\"caption\":\"Editorial team\"},\"sameAs\":[\"https:\/\/blogs.isb.edu\"],\"url\":\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/author\/isb_blog_user_admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Succession Plan Vital for all Businesses Irrespective of Size - Thomas Schmidheiny Centre for Family Enterprise","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/2015\/11\/20\/succession-plan-vital-for-all-businesses-irrespective-of-size\/","og_locale":"en_US","og_type":"article","og_title":"Succession Plan Vital for all Businesses Irrespective of Size - Thomas Schmidheiny Centre for Family Enterprise","og_description":"In a recent article published in the Silicon Valley Business Journal, Jody Meacham, argues that most family business owners don\u2019t have a succession plan in place. 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