Review
This one-slide PowerPoint outlines the steps in business succession planning. The first section outlines personal vision, mission and goal develop and self-assessment for each generation involved in the planning process. The second section addresses vision, mission and goal development for the business. Finally the business, retirement, transfer and estate planning are addressed simultaneously because they influence each other.
This business succession flow chart can be used as an introduction to the process in a workshop or consultation setting. Many times, the initial discussion or question that brings families to the county Extension agent involve the last four components, with little time spent on the personal or business strategic planning in the upper two-thirds of the flow chart. Educators can use this flow chart to ensure decisions made reflect the personal and business visions and will reach the individual and business goals.
