making succession a success
A wise financial columnist once gave the following ground rules
for succession planning:
Put on your binoculars.
Include all the stakeholders.
Don’t force it on the kids.
Empower your successor.
While you will find that our terminology
may differ, we stamp off from a similar platform to find the answers to
these vital questions.
Mr. Hillerstrom has identified
different strategies to help individual family members map out their future
in the business. He also assists in establishing:
- the pros and cons of appointing a family member
vs. a suitably qualified outsider;
- differentiation between management and ownership
- review and challenge existing plans;
- if the family business can survive;
- different future scenarios with advantages and
- how successfully distribute power in multifamily