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Succession Planning

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by

Wui Jie Ee

on 23 July 2013

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Transcript of Succession Planning

SUCCESSION
PLANNING
Father
-
Entrepreneur
Son
-
Playboy
Grandson
-
Beggar
30%
15%
3%
Why Plan
Now
?

"Almost from the
point of creating a business
, you should have an exit strategy."

Andy Pigott (The Succession Bridge)
PIGOTT CONSTRUCTION COMPANY LTD.
th
Generation Family Member
rd
Late 80s
Rapid growth
outpace
the capacity to
manage risks
Management
stretched to the
limit

LESSONS LEARNED
Forced to SELL !!!
Strategy
Governance
Succession
Key Findings
Lack of a
formal written plan
Different opinion on
who
should take
the lead
Uncertainty on their priority due to
overlaps in responsibilities
Uncertain
on the
owners role
after retirement
Poor communication
when it comes to succession planning
Huge gap
to fill when owners and a few senior employee retires
Different understandings of the
key roles and criteria
of a
Managing Director
Expectations
from the older and the younger generations
" Father -
Entrepreneur
Son -
Playboy
Grandson -
Beggar
"
Family Businesses Worldwide
Lapses in
planning
&
governance
Communication
(Family Business Meeting)
Phase 3 (Ownership Issues)
Phase 2 (Management Issues)
Phase 1 (Getting Started)
Identify
the existing & potential ownership successors
Discussion on
ownership
succession issues
Develop a
shareholder agreement draft
Review
the management and ownership succession with trusted adviser
Establish an ownership transfer
timeline
Determine whether the ownership successors need to complete the
grooming template
Identify
the existing & potential management successors
Discussion
on management succession issues
Undertake a
business planning
exercise
Develop a
compensation plan
for active family members
Establish a management transfer
timeline
Complete
successor grooming template
Family Business Rules
Family Business Rules
Decide who should
involve
Meeting Rules
Who should
lead
Frequency
and length
Who should
record
the meeting minutes
Full transcript