Business Succession – Planning For Success

According to a Canadian Federation of Independent Business survey, 71 percent of family businesses and 61 percent of non-family businesses do not have a succession plan.   Of those that do, the majority have informal, often unwritten plans, rarely shared with their successor. 

Lawrence Barns, CEO, Canadian Association of Family Enterprise, and Nadia Ceciliot, National Manager, Client Strategy, RBC Royal Bank^®, discuss how to set up an effective succession plan.

An advisory group can help you work through issues like the transition of your day-to-day management responsibilities, how and to whom you're going to transfer business ownership, and how you're going to transition personally.

The chance of having a completely clean transition from “here's what I planned to here's what I thought was going to happen” with nothing unforeseen occurring in between is pretty slim.  Without a plan, circumstances will overtake you.  With a plan, you'll be able to react in a quick but logical manner.

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