Twelve Tasks in Succession

In my first session with owners of a family business, I have a simple, quick way of assessing how much thought they have given to continuity planning. After interviewing the power-holders individually, I will assemble the principal owners and ask: What would happen in the business if tomorrow the current owner-manager is hit by a truck and dies?

The question is much like the one General Electric chief executives customarily ask in what has been called GE's “airplane interview.” The CEO assembles the senior managers and goes around the table asking each what would happen if he or she were in a plane crash: Who could take over the division? What would have to be done until a replacement is named?

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