{"id":2125,"date":"2022-04-01T15:30:00","date_gmt":"2022-04-01T10:00:00","guid":{"rendered":"https:\/\/www.luciensandbox2.com\/soch\/?page_id=2125"},"modified":"2022-12-06T13:14:43","modified_gmt":"2022-12-06T07:44:43","slug":"succession-planning-and-implementation","status":"publish","type":"page","link":"https:\/\/www.luciensandbox2.com\/soch\/our-services\/the-practice-of-family-business\/succession-planning-and-implementation\/","title":{"rendered":"Succession Planning and Implementation"},"content":{"rendered":"
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Family Business Succession Planning<\/h1><\/div><\/div>

Family Business Succession Planning <\/h1><\/div><\/div>

Succession Planning : The cornerstone for family business continuity<\/strong><\/h4>\n\n

While majority of family businesses hope to see their business transferred to the next generation, research data the \u201cthree-generation rule,\u201d which says that most family businesses don\u2019t survive beyond three generations.<\/p><\/div><\/div>

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Succession Planning: A process, not an event<\/strong><\/h3>\n\n

Succession planning is an elaborate, emotional, and critical aspect of a family business. We believe poised family businesses must not see this as a one-time event. They must also not see it as the act of passing-the-baton<\/span> to the next generation.<\/p>\n\n

Succession planning is about planning for long-term success of the family business. It includes the manifestation of almost eternal abundance, love, unity, happiness, and growth. Albeit it is acutely customised as the family\u2019s belief system and definitions.<\/p>\n\n

Even if the subject of succession is very emotional, in our experience, the most effective way of succession planning is to approach emotions in a deeply respectful, objective, structured, inclusive, and proactively.<\/p><\/div>

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Succession Planning: Timely investment, Beyond lifetime returns<\/h3>\n\n

Common mistakes family businesses make in planning for their succession:<\/p>\n\n

Family businesses wait for too long<\/span> <\/p><\/div>\n\n

Family businesses begin with succession planning instead of taking the effective route of first designing their family constitution & its implementation i.e., governance<\/p><\/div>\n\n

Family businesses wrongly define succession planning as choosing the right successor (It is a small part of the whole)<\/p><\/div>\n\n

Family businesses ignore the importance of communication in succession planning<\/p><\/div>\n\n

Family businesses do not take an elaborate approach leading to loss of depth, financial & risk impact and even opportunity impact<\/p><\/div>\n\n

Family businesses choose to do succession on their own, without seeking expert guidance from outside<\/p><\/div><\/div><\/div><\/div>

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Succession Planning: SOCH Framework for succession and transition planning<\/h3>\n\n

Benjamin Franklin summarized it all when he said: \u201cFailing to plan is planning to fail\u201d. <\/p>\n\n

We have developed a framework designed to help family businesses address all of the key personal, family, business and identity concerns underlying an effective succession plan.<\/p>\n\n

Our process, once complete is meant to direct with clarity, confidence, and no space for unproductive conflict \u2014 ensuring that you have asked yourself all the right questions and considered all of the key issues before you embark on the process of succession planning.<\/p>\n\n

Our goal is to ensure that your interests, your family\u2019s interests and the business\u2019 interests are equally well served, and to make you a more mentally, morally efficient and enable you to become informed and instructive enough to your family office to carry out your transition dependent actions to help you prepare gracefully and lawfully exit your business.<\/p><\/div>\n\n

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Summary<\/h3>\n\n

Far too much attention has been paid to the technical component of succession (e.g., tax management, estate planning, family trusts, wealth management, etc.)with far too little attention being paid to the people (family and business stakeholders) or non-technical component (family communication, family expectations, family values, family competencies, family dynamics, family beliefs etc.) of the succession process.<\/p>\n\n

If you haven\u2019t thought about your family business succession planning yet \u2013 we recommend you bring your attention to how important it is for you, your family, your business, its continuity, success, and legacy.<\/p>\n\n

Read relevant insights <\/i><\/a><\/div><\/div><\/div>\n\n
Family Constitution <\/i><\/a><\/div><\/div><\/div>\n\n
Transition Planning <\/i><\/a><\/div><\/div><\/div>\n\n
Family Advisory <\/i><\/a><\/div><\/div><\/div><\/div><\/div><\/div>
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Family Business Succession Planning Succession Planning : The cornerstone for family business continuity While majority of family businesses hope to see their business transferred to the next generation, research data the \u201cthree-generation rule,\u201d which says that most family businesses don\u2019t survive beyond three generations. Succession Planning: A process, not an event Succession planning is an<\/p>\n","protected":false},"author":16,"featured_media":0,"parent":73,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2125","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/pages\/2125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/comments?post=2125"}],"version-history":[{"count":30,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/pages\/2125\/revisions"}],"predecessor-version":[{"id":4409,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/pages\/2125\/revisions\/4409"}],"up":[{"embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/pages\/73"}],"wp:attachment":[{"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/media?parent=2125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}