SKM Associates LLC and the Network of Family Businesses exists to serve and assist family businesses as they build and preserve their family legacies. We work with family enterprises and closely held businesses on issues such as succession planning, communication, board and family business structure development, professional coaching and development, education, and business strategy
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To Everything There Is A Season (2)
Just as we plan for the spring season by putting the hats and gloves and boots back in the closet and by planting flowers in the flowerbed, a family business should prepare for the change of the family’s season by digging into to the following:
- Committing to building the family legacy.
- Drafting a written plan, along with a timeline, for the transitions to the next generation.
- Implementing a feed-back mechanism for the next generation to understand how they are progressing.
- Preparing development plans for the next generation that provide opportunities to learn about the values and vision of the family and that provide opportunities to learn about the rights and responsibilities of being an owner of the business.
- Forming a team of professional advisors to support the family in the transition process.
Plan for the successful change of seasons in your family business.