Family leaders must be concerned with the tactical elements of a transition:
- What the estate plan will look like.
- The details of a leadership or ownership succession plan.
- How best to develop the next generation.
But in my experience, families who have been most successful in continuity planning distinguish themselves not solely by the quality of their planning. An additional key feature of their success is their commitment to live by a set of values.
One family I know were wrestling with how to divide shared assets when it became clear that separate branches needed to pursue different business goals. They successfully arrived at a solution that preserved both family and business by establishing right from the outset two guiding values: Preserving good family relationships and having senior family members be proud of their process.
If you are contemplating a transition, what are the values that will guide your process?