BUSINESS FAMILY GOVERNANCE, SUCCESSION PLANNING AND RELATED ISSUES
Linking Succession and Governance
The Role of Organizational Culture in Continuity
Organizational culture underlies everything that you do as a family business. It is the basic set of values, beliefs, assumptions, expectations and definitions within the organization. In order to follow through with your company’s vision and values, it is important to define and understand the culture.
In developing and establishing a culture, it is important that the culture is acted on and not merely talked about. Cultures should be re-evaluated constantly to understand what is working and what needs to be changed.
Overall, there are a few main points you should keep in mind when planning for the future of your family business:
- Vision is the foundation: Continuity planning should be based upon a clear and thorough family vision.
- The process of the plan is as critical as the outcome.
- Opt for inclusiveness: Try to include family members young and old, employed and not employed, and with ownership stakes big and small.
- Planning should not be rushed.
- Strong family and business governance enhance the quality of planning.
- Planning is an ongoing process.
The result is that a good continuity plan will be emotionally fulfilling, and will bring the family together.