Training
Training, on the job and otherwise, is the critical ingredient that can put success into a family business succession plan. It can take many forms.
Much teaching is done by example. Setting a good example for your successor in all aspects of business and family life is essential. Formal education, not just in the specialty of the business but also in management and accounting, is immensely valuable. And actual experience at a job outside of the family business is certainly preferable.
Experience in all aspects of the family business operation, from sweeping the floor to driving the truck or counting the inventory, is necessary. Where the successor is active over a period of time in the business, he or she will not only become familiar with what it takes to run the firm, but will also have a chance to interact with employees, suppliers, and customers and gain their confidence and respect. A formal job description for each task assigned during the training mode will clarify everyone's expectations and enable useful periodic performance evaluation and feedback to the trainee.
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Many universities operate centers for family business education and research. Among the most prominent are Baylor, Cornell, DePaul, Loyola of Chicago, Northeastern, Umass, USC, and Wharton. Contact the universities in your area to see what workshops they may have to offer.
There are also many regional conferences on family business topics offered during the year. For a calendar of upcoming events, check out the Family Firm Institute's website.
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