Have you given much thought to your exit plan from your family owned business? Having a business succession plan can be particularly important for a family business, though less than 30% of family businesses have a plan in place (Thompsonlaw.ca). With a succession plan, a family business can ensure sustainability and without one you gamble the chance of chaos reigning should an emergency situation occur.
With this in mind, here are 10 Tips for Succession Planning in a Family Manufacturing Business to ensure continued success and growth:
Any time your manufacturing company is planning a significant move, it is beneficial to seek advice before you begin. A trusted team of outside professionals can offer valuable, unbiased insight into a business succession plan and help guide you in making the best decisions.