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Build Meaningful Accountabilities Into Your Plan

February 5, 2016, 5

Equipment working in field.LegacyConnection

Kevin Spafford, CFP®

The final step in the succession planning process will involve constantly staying up to date with the countless variables that can influence your business. Tax laws, market conditions and family dynamics are just some of the variables that may impact your succession plan. You and your team of professionals should review your succession plan on an annual basis, at the very least.

 It’s essential to ensure that your succession plan always reflects the current environment.  Recognize that your plan is not a “once and done” proposition, but is instead a dynamic and ongoing roadmap to the future, with specific accountabilities. You and your team need to make regular adjustments to ensure that your plans are still applicable and useful.

To develop through multiple generations, businesses must build and abide by a defined model for success. It's exciting to monitor the progress of your business. A review of your plans can fuel the fires to work harder, and will allow you to keep a sharp eye out for new opportunities. To stay on course, here are some thoughts to keep in mind: 

  •  A dynamic plan is a motivating factor for you, as well as for your family and employees. People enjoy being a part of the big picture and the forward motion.
  •  A plan must be flexible enough to adjust to changing conditions, shifting resources, variations in consumption trends, regulatory initiatives, and evolving abilities.
  •  Although you may refine your plan from one year to the next, don't lose track of the long-term perspective.

  Subscribe to LegacyConnection, our free weekly eNewsletter, for planning tips, tools, and more.

Note: We also invite you to follow Legacy by Design's company page on LinkedIn, highlighting a new succession-related topic each month.

Have questions specific to your family?  We’re always happy to schedule a complimentary phone consultation to discuss your family’s succession objectives, review potential next steps, and determine how we can help.

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