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156 
. THE SUCCESSION PLAN
Page 37
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The succession plan ties together the family's hopes and aspirations. It must contain a statement of the distribution of ownership; the identity of the new leader(s); how the new leader(s) will be trained for their role; a definition of the roles held by other key family and business members during the transition; the mechanics of the purchase or sale of stakes in the business; tax and legal considerations; retirement proposals; and finally, a procedure for monitoring the process and dealing with disputes and a timetable. In identifying a new leader you are not looking for technical skills, but the management, Judgement and people skills to lead. You might look for the following seven competences in the chosen heir: Conscience—ethical behaviour; Credibility—earns respect; Coaching—can teach and nurture; Capability—the talent for future business and personal growth; Commitment—to business and family interests; Competence—to run the business; and Communication—the ability to listen and exchange information.