Planning for the Family Business

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FAMILY BUSINESS CHECKLIST

 

Introduction

 

Family businesses bring with them a range of unique considerations.

The purpose of this worksheet is to act as a guide to assist family businesses deal with such issues in a systematic way.

The following worksheet forms the ideal basis for a planning session for family members, which should be chaired by an independent adviser.

The outcomes of this worksheet and/or planning session should be written into the Company business plan and reviewed periodically.

If there are any issues which have not been adequately covered by this worksheet, please note these in the additional space provided.

Please consider how the following propositions relate to your business

 

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The business has adequate plans for survival, success and succession, and has both a mission and a vision statement.
Yes / No / Action Required

The business’s strategic plan incorporates family values and objectives.
Yes / No / Action Required

Management knows the family’s objectives. Business meetings are held regularly.
Yes / No / Action Required

There is one or more independent members of the Board of Directors.
Yes / No / Action Required

Mentors are used to develop family members’ abilities.
Yes / No / Action Required

Family members can perform their assignments competently and are compensated according to their contributions to the business.
Yes / No / Action Required

Non-family members are appointed in the absence of qualified family members.
Yes / No / Action Required

The responsibilities and authority of non-family managers is maintained.
Yes / No / Action Required

Performance and discipline standards are the same for family and non-family employees.
Yes / No / Action Required

Family disputes are dealt with in a manner that does not inhibit operations.
Yes / No / Action Required

Children who wish to work in the business have an appropriate education, work first in another, similar business, and start at a relatively young age.
Yes / No / Action Required

The business is protected from the effects of divorce or death of the owners.
Yes / No / Action Required

The family has identified a successor and a time is set for the CEO to retire.
Yes / No / Action Required

There are plans for transferring the business to the next generation, and a way to determine which family members can work for the company or be on its Board of Directors.
Yes / No / Action Required

The company has buy/sell agreements.
Yes / No / Action Required

There is control on the number and value of luxury items purchased by the business.
Yes / No / Action Required

The family shares experiences and information with other family businesses.
Yes / No / Action Required

 

YOUR NOTES

If there are questions raised that require more detailed explanation, or other issues which you would like to be considered, please use the space provided below.

 

 

 

 

Solutions

Solutions are dependent upon facts & circumstances, law and the objectives.  These elements vary from one time to another, from one circumstance to another and from person or entity to another

 

 

      

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