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Monday, March 29, 1999
 
Passing on your business

Here are things to keep in mind when planning who will take over the family business:

  • Does your family talk openly about your business and your plans for the future?

  • Are you committed to family succession?

  • Have you set a date for retirement?

  • Have you chosen a successor and communicated the choice to your family?

  • Are you ready to let others make decisions and take risks in the business?

  • Have you clearly defined who will own the business in the future and in what proportion?

  • Has your intended successor gained worthwhile experience outside the family business?

  • Has a clear, personal development plan been laid for the successor?

  • Does the successor have an opportunity to make an independent and visible contribution to the business?

  • Would your company continue to run smoothly if you were incapacitated right now?

Sources: Austin Family Business Program at Oregon State University and Bud Larimer, family business specialist at the Richards Agency in Seattle

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