Startup Funding Espresso Key Questions for Succession Planning
Key Questions for Succession Planning Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Succession planning is a key part of running a family office. Here are some key questions to consider in planning your succession program. Do you need a succession plan? All family offices need a plan to help transition the business to the next management team. That could be a family member or someone outside the family. A succession plan in place prepares everyone for a transition. When to start planning? It\u2019s best to start planning now if you have not already begun the process. Succession planning will evolve over several months and sometimes years. Where to start with the planning process? Create a list of roles and responsibilities for the current leadership team. Map out other resources and players including advisors and contractors. This lays the groundwork for a succession planning process. What to include in a succession plan? Capture the jobs to be done now and in the future. Create an emergency plan in case of a crisis. How to find a successor? The successor could be from within or outside the family. Based on the family members\u2019 interest in leading the family office and their skills will determine where the next stage of leadership will come from. Consider these questions for your family office succession planning. \xa0 Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let\u2019s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0\xa0 For Feedback please contact info@tencapital.group\xa0\xa0\xa0 Please , share, and leave a review. Music courtesy of .