Family Business CEO Succession Planning

Succession planning’s goal is to provide the least amount of disruption to your business and to give you the widest possible choice of qualified candidates before you make that decision. While the process may consider candidates from outside the family and the company, in many cases it focuses on managers who are already with the company. This publication discusses the board’s role in succession planning, which includes:

• Ensuring that succession planning is on the board agenda
• Preparing an emergency succession plan
• Advising the founder/owners when selecting the next CEO
• Helping set the new CEO’s compensation package
• Assisting with the leadership transition