succession planning

making succession a success

A wise financial columnist once gave the following ground rules for succession planning:
A. Put on your binoculars.
B. Include all the stakeholders.
C. Don’t force it on the kids.
D. Develop leaders.
E. 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 succession;
• review and challenge existing plans;
• if the family business can survive;
• different future scenarios with advantages and disadvantages;
• how successfully distribute power in multifamily constellations.