{"id":1335,"date":"2019-05-13T21:40:58","date_gmt":"2019-05-14T04:40:58","guid":{"rendered":"https:\/\/addison.lwh.dev\/insights\/succession-planning-considerations\/"},"modified":"2019-05-13T21:40:58","modified_gmt":"2019-05-14T04:40:58","slug":"succession-planning-considerations","status":"publish","type":"post","link":"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/","title":{"rendered":"Succession Planning: Considerations"},"content":{"rendered":"\n<p>It likely comes as no surprise that 62% of family businesses are passed on to the next generation. However, you may be shocked to learn that only 18%  are done with proper succession planning. Lack of succession planning can adversely affect the success of the company. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Most Difficult Transition<\/h3>\n\n\n\n<p>The most difficult transition for a business is when it is passed between the first and second generation. The reason is most likely because this type of transition has never occurred for the business, so each challenge will be new. Because the business has had the same leadership until this point, there will need to be considerations for the new vision and leadership style going forward. You can smooth the transition by doing the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Create a family vision<\/li><li>Prepare for challenges<\/li><li>Create a transition plan<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Second to Third Generation Transition<\/h3>\n\n\n\n<p>This scenario is likely easier than the first one described.\nThe reason is that now the business can rely on the previous experience to help\nthem through the process. Still, there will need to be some care given to how\nthis particular transition will take place. In order to make sure that the\nsuccession goes as planned, you should prepare for the following: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Create a family employment policy<\/li><li>Create a board of directors<\/li><li>Prepare for following generations&nbsp; <\/li><li>Fine tune the succession plan<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Succession Planning Overview<\/h3>\n\n\n\n<p>Succession is a pretty common occurrence among family business owners. However, care should be given to ensure that the transition is smooth and doesn\u2019t cause negative disruption to the operation. Failure to complete proper planning could mean issues for the business and even cause family strife. <\/p>\n\n\n\n<p>It\u2019s important to remember that this process is lengthy and may require considerable amount of time before it is completed. Consider the bigger picture when making changes to the company during this time, and ensure that you remain true to the company and the family\u2019s vision.<\/p>\n\n\n\n<p>For more business planning advice, check out <a href=\"https:\/\/dlcinc.com\/forecasting-optimizing-business-plan\/\">Forecasting: Optimizing Business Planning. <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It likely comes as no surprise that 62% of family businesses are passed on to the next generation. However, you<\/p>\n","protected":false},"author":9,"featured_media":1336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[11],"tags":[],"post_function":[],"post_audience":[],"class_list":{"0":"post-1335","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-article"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Succession Planning: Considerations - Addison Group<\/title>\n<meta name=\"description\" content=\"Sixty-two percent of family businesses are passed on to the next generation. Lack of succession planning can adversely affect the success of the company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Succession Planning: Considerations - Addison Group\" \/>\n<meta property=\"og:description\" content=\"Sixty-two percent of family businesses are passed on to the next generation. Lack of succession planning can adversely affect the success of the company.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/\" \/>\n<meta property=\"og:site_name\" content=\"Addison Group\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-14T04:40:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/addisongroup.com\/wp-content\/uploads\/2024\/07\/AdobeStock_114896612-scaled-1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Addison Group\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Addison Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/addisongroup.com\\\/insights\\\/succession-planning-considerations\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/addisongroup.com\\\/insights\\\/succession-planning-considerations\\\/\"},\"author\":{\"name\":\"Addison Group\",\"@id\":\"https:\\\/\\\/addisongroup.com\\\/#\\\/schema\\\/person\\\/abc042a7f4910d20090afda67a1cd61c\"},\"headline\":\"Succession Planning: Considerations\",\"datePublished\":\"2019-05-14T04:40:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/addisongroup.com\\\/insights\\\/succession-planning-considerations\\\/\"},\"wordCount\":334,\"image\":{\"@id\":\"https:\\\/\\\/addisongroup.com\\\/insights\\\/succession-planning-considerations\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/addisongroup.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/AdobeStock_114896612-scaled-1.jpeg\",\"articleSection\":[\"Article\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/addisongroup.com\\\/insights\\\/succession-planning-considerations\\\/\",\"url\":\"https:\\\/\\\/addisongroup.com\\\/insights\\\/succession-planning-considerations\\\/\",\"name\":\"Succession Planning: Considerations - Addison Group\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/addisongroup.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/addisongroup.com\\\/insights\\\/succession-planning-considerations\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/addisongroup.com\\\/insights\\\/succession-planning-considerations\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/addisongroup.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/AdobeStock_114896612-scaled-1.jpeg\",\"datePublished\":\"2019-05-14T04:40:58+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/addisongroup.com\\\/#\\\/schema\\\/person\\\/abc042a7f4910d20090afda67a1cd61c\"},\"description\":\"Sixty-two percent of family businesses are passed on to the next generation. Lack of succession planning can adversely affect the success of the company.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/addisongroup.com\\\/insights\\\/succession-planning-considerations\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/addisongroup.com\\\/insights\\\/succession-planning-considerations\\\/#primaryimage\",\"url\":\"https:\\\/\\\/addisongroup.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/AdobeStock_114896612-scaled-1.jpeg\",\"contentUrl\":\"https:\\\/\\\/addisongroup.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/AdobeStock_114896612-scaled-1.jpeg\",\"width\":2560,\"height\":1707},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/addisongroup.com\\\/#website\",\"url\":\"https:\\\/\\\/addisongroup.com\\\/\",\"name\":\"Addison Group\",\"description\":\"Leading National Professional Services Firm Specializing in Talent Solutions and Consulting Services\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/addisongroup.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/addisongroup.com\\\/#\\\/schema\\\/person\\\/abc042a7f4910d20090afda67a1cd61c\",\"name\":\"Addison Group\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/41fd8b89179592de3fc22b9549f5021aa190e18a09da5da1ddb4db4162b682df?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/41fd8b89179592de3fc22b9549f5021aa190e18a09da5da1ddb4db4162b682df?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/41fd8b89179592de3fc22b9549f5021aa190e18a09da5da1ddb4db4162b682df?s=96&d=mm&r=g\",\"caption\":\"Addison Group\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Succession Planning: Considerations - Addison Group","description":"Sixty-two percent of family businesses are passed on to the next generation. Lack of succession planning can adversely affect the success of the company.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/","og_locale":"en_US","og_type":"article","og_title":"Succession Planning: Considerations - Addison Group","og_description":"Sixty-two percent of family businesses are passed on to the next generation. Lack of succession planning can adversely affect the success of the company.","og_url":"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/","og_site_name":"Addison Group","article_published_time":"2019-05-14T04:40:58+00:00","og_image":[{"width":2560,"height":1707,"url":"https:\/\/addisongroup.com\/wp-content\/uploads\/2024\/07\/AdobeStock_114896612-scaled-1.jpeg","type":"image\/jpeg"}],"author":"Addison Group","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Addison Group","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/#article","isPartOf":{"@id":"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/"},"author":{"name":"Addison Group","@id":"https:\/\/addisongroup.com\/#\/schema\/person\/abc042a7f4910d20090afda67a1cd61c"},"headline":"Succession Planning: Considerations","datePublished":"2019-05-14T04:40:58+00:00","mainEntityOfPage":{"@id":"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/"},"wordCount":334,"image":{"@id":"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/#primaryimage"},"thumbnailUrl":"https:\/\/addisongroup.com\/wp-content\/uploads\/2024\/07\/AdobeStock_114896612-scaled-1.jpeg","articleSection":["Article"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/","url":"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/","name":"Succession Planning: Considerations - Addison Group","isPartOf":{"@id":"https:\/\/addisongroup.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/#primaryimage"},"image":{"@id":"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/#primaryimage"},"thumbnailUrl":"https:\/\/addisongroup.com\/wp-content\/uploads\/2024\/07\/AdobeStock_114896612-scaled-1.jpeg","datePublished":"2019-05-14T04:40:58+00:00","author":{"@id":"https:\/\/addisongroup.com\/#\/schema\/person\/abc042a7f4910d20090afda67a1cd61c"},"description":"Sixty-two percent of family businesses are passed on to the next generation. Lack of succession planning can adversely affect the success of the company.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/addisongroup.com\/insights\/succession-planning-considerations\/#primaryimage","url":"https:\/\/addisongroup.com\/wp-content\/uploads\/2024\/07\/AdobeStock_114896612-scaled-1.jpeg","contentUrl":"https:\/\/addisongroup.com\/wp-content\/uploads\/2024\/07\/AdobeStock_114896612-scaled-1.jpeg","width":2560,"height":1707},{"@type":"WebSite","@id":"https:\/\/addisongroup.com\/#website","url":"https:\/\/addisongroup.com\/","name":"Addison Group","description":"Leading National Professional Services Firm Specializing in Talent Solutions and Consulting Services","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/addisongroup.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/addisongroup.com\/#\/schema\/person\/abc042a7f4910d20090afda67a1cd61c","name":"Addison Group","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/41fd8b89179592de3fc22b9549f5021aa190e18a09da5da1ddb4db4162b682df?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/41fd8b89179592de3fc22b9549f5021aa190e18a09da5da1ddb4db4162b682df?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/41fd8b89179592de3fc22b9549f5021aa190e18a09da5da1ddb4db4162b682df?s=96&d=mm&r=g","caption":"Addison Group"}}]}},"_links":{"self":[{"href":"https:\/\/addisongroup.com\/wp-json\/wp\/v2\/posts\/1335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/addisongroup.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/addisongroup.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/addisongroup.com\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/addisongroup.com\/wp-json\/wp\/v2\/comments?post=1335"}],"version-history":[{"count":0,"href":"https:\/\/addisongroup.com\/wp-json\/wp\/v2\/posts\/1335\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/addisongroup.com\/wp-json\/wp\/v2\/media\/1336"}],"wp:attachment":[{"href":"https:\/\/addisongroup.com\/wp-json\/wp\/v2\/media?parent=1335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/addisongroup.com\/wp-json\/wp\/v2\/categories?post=1335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/addisongroup.com\/wp-json\/wp\/v2\/tags?post=1335"},{"taxonomy":"post_function","embeddable":true,"href":"https:\/\/addisongroup.com\/wp-json\/wp\/v2\/post_function?post=1335"},{"taxonomy":"post_audience","embeddable":true,"href":"https:\/\/addisongroup.com\/wp-json\/wp\/v2\/post_audience?post=1335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}