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Feature:

When Business Is All in the Family, Grooming a Successor, Training and Outside Experience Matter

  

Feature Contents
Top of Feature

1. Reaching Beyond the Family Sometimes a Wise Move
For Joanne and Scott Ulnick, the wife-and-husband team at the top of Troy, Michigan-based Ducker Worldwide, growing the business doesn't mean staffing the shop with family members.

2. Of 12 Siblings, Who Should Lead the Family Business?
Succession planning for a family business, never a simple task, can assume epic proportions when the second generation is 12 people-strong.

3. Best Practices for Preparing the Next Generation


4. TOOL: 10 Ways to Take the "Success" out of Succession Planning


5. TOOL: Example of Basic Succession Planning Chart


6. TOOL: Five Keys to Successful Succession Planning


7. TOOL: Replacement Planning Versus Succession Planning


8. Dear Workforce: How, And Why, Should We Consider Career/Succession Planning?



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Best Practices for Preparing the Next Generation


Succession planning can be difficult when a family business is involved. Here are some best practices that can help.
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}Encourage members of the younger generation to earn their stripes outside the family business. This can help build confidence in the younger generation—and in the workers the younger generation is expected to manage.

}Use an outside advisory board or board of directors made up of nonfamily members. The best boards include successful businesspeople or financial experts who can give impartial advice.

}Don’t underestimate the value of family members who aren’t active in the business in easing transitions or integrating younger family members into the business. Social engineering can be an important part of creating a functional family and business unit.

}Consider drafting a family charter. Setting ground rules during a calm spell can provide a touchstone when things get hectic. It also can help family and nonfamily employees feel they’ve been treated fairly.

}Consider nonfamily employees—ringing in the younger generation shouldn’t be done in a way that will alienate long-term senior employees.

Sources: Alan S. Schwartz, vice chairman of the board of directors and partner at Detroit-based Honigman Miller Schwartz and Cohn; and Phil Bahr, managing principal of Troy, Michigan-based CPA firm The Rehmann Group

Workforce Management Online, September 2008 -- Register Now!



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