Succession Planning

Family businesses in the vegetable industry can be highly effective, efficient and profitable.

A family business can provide a happy and productive place for family members to build a career, teach others and eventually retire and transfer responsibility and assets to others.

This will only happen if some planning is done to make the process of transition work well.

One of the keys to achieving a successful transition is having the right business processes and structures in place.

The attached fact sheet (pdf 141 kb), describes the processes and structures required to facilitate a smooth transition for everyone

• People management and leadership

• Business structure

• Profitability

Key Points :

• Good business processes and structures are required to facilitate a smooth transition.

• Each member of the family business needs a clearly defined role and responsibility, with agreed expectations about what is required to progress through the business.

• Effective business structures are needed to ensure everyone is rewarded fairly for their contribution to the business and to provide an effective vehicle for easy transition of management and ownership of the business.

• Planning for business growth is an essential element of a succession plan. Your objective is to have a business of sufficient scale and profitability that can fulfil the needs and aspirations of multiple generations and/or families.

See Also :

Succession Planning - Vegetables Victoria - Winter 2008