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Seek professional help
Page 44
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A professional adviser may develop a family council and a written family agreement to set out ground rules and discuss objectives for the business. The family council may only meet on an annual basis, but this should provide an appropriate forum for addressing major decisions like succession and discussing an "exit strategy", while minimising the opportunity for the business to be damaged by any conflict in family members' personal aspirations. Finally, it is important that all parties remain focused throughout on building a
succession plan and ensure that the exercise runs to a set timetable. Identifying a range of succession outcomes and seeing them through to completion can be two separate matters: often what we plan and what actually happens are entirely different. Each party must be committed to successful implementation as well as successful planning. For help in managing succession in your business, try a good accountant or contact the government's Business Link at invw.businesslink.gov.uk/bdotg/action/home