Creating a Development Plan 

Unfortunately there isn't a "one size fits all" developmental track that guarantees the next generation will be ready and able to take over.  Not a college or university, nor a single work experience, or training program that will work for everyone.

What does work is this - it's a simple concept but, not quite so easy to do.

In general terms project the size, scope, and complexity of the business when they take over.  Today if sales are 10 millions dollars, will it grow to 20, 50, or 100 million - multinational with multiple business units, for example.

Take a good hard look at the next generation.  Figure out what they need to master.  For this there is a check list....from banking relationships to picking and motivating their staff (your staff will probably retire, leave, or some just won't complement their skills) to political contacts to sales and marketing to a hundred other skills and abilities.

Author a development plan - a road map of experiences, training programs, and responsibilities.  For some, we've advocated setting up a small business they can run on their own - make mistakes and learn the hard way.  Maybe time working in another industry or maybe for a supplier or customer is appropriate.  For others, outside training programs and experiences within you company is the best approach.  Usually the plan will advocate an amalgamation - a series of items that build on each other.

Our function is to help you think through the process.  Provide an assessment of the next generation - a different view of their abilities and shortcomings. Suggest training programs, experiences, or other developmental options and commit the plan to paper.  For this we normally charge a single one-time fee.    

Working the Plan     Things to Consider

Balance Family and Business     Create the Culture     Define & develop the Legacy