Approach your succession planning as a project: Define the participants, goals, roles, guidelines, and a timeline.
At an early stage, clarify the demands of groups with different expectations and the power they wield.
Take steps to ensure that your company can cope with a succession: Analyze its capital structure and define organizational rules in writing.
Carefully analyze your requirements for advice and only when you have done this, select partners who can fully meet your needs.
Always review several different succession options and consider the benefits and drawbacks of each one.
Consider all the legal aspects such as the requirements stipulated by inheritance law.
Ensure financial transparency so that you and the successors have an objective basis for making decisions during the preparation and handover stage.
Take early action to plan your own future outside of the company.