This support can be provided by trainee programs. The professionalism should be present daily. The intergenerational collaboration and communication is built on adult to adult, not parent to child. The transfer of the leadership and control of the business should be transferred in a step by step process. For the transfer to be complete, it is important for seniors to establish a target date for their retirement (Kibblewhite & Gordon, 2008).
To create a successful succession plan with financial independence of the retiring owners, and position the business for continued growth, there are some steps and patterns to be followed. The company establishes goals and objectives, which means they develop a collective vision, goals and objectives for the business. They also must determine the importance of continued family involvement in leadership and ownership of the company, personal retirement goals and cash flow needs of retiring family owners, identify goals of next generation management, both personal and business, and consider a professional advisor to help the management. The organization establishes a decision-making process. This includes identifying and establishing governance processes for involving family members in decision-making, establish a method for dispute solving, write a document about the succession plan, and communicate succession plan to family/stakeholders. The company establishes the succession plan, identifying successors, active and non-active roles for all family members and required external support for the successor from family members. The organization creates a business and owner estate plan, which means create and revise all taxation implications to the owner business upon sale or transfer of ownership, death, or divorce. This avoids many problems with transfers and inheritances. The company establishes a timeline for implementation of the succession plan.
