1. Keeping it in the Family : Preparing for Succession
Jonathan Lefebvre
Yasmine Shaalan
Professor Steve Karpenko
BMG320: Topics in Entrepreneurship
April 8th
, 2015

2. Abstract
The purpose of this research is to identify various implementation strategies and their
successes through small and family operated business succession (as defined by the Small
Business Association (SBA)). We will be measuring success with both efficiency as well as
effectiveness as metrics to determining the best succession management. As the Baby Boomers
are leaving the workforce there a lot of shoes to be filled at the top positions, specifically
ownership. This coupled with the fact that family firms make up two-thirds of all businesses
worldwide makes this research study extremely relevant. We will cover a multitude of issues
that arise during the handoff off of a company including: having multiple successors (division of
power), having an incompetent successor, having no successor, or having a successor that will
inherently change the company dynamic. Since many CEO-owners do not have an exit strategy
this question will become much more prevalent in mainstream family business chatter within the
next decade as the remaining Baby Boomers transition out.

3. Table of Contents
● Introduction
● Executive Summary
● Rationale for Research
● Generational Polarization
● Educational Factors
● Succession Planning Overview
● Components of Succession Planning
● Succession Planning Model
● Three Levels of Succession Planning
○ Management
○ Ownership
○ Transfer Taxes
● Succession Matrix
● Recommendations and Key Points

4. Introduction
This study will analyze a collection of data pertaining to the the succession of family
business and instrumental techniques that lead to a smooth transition. In an economy that is
largely based upon small businesses, it is critical that these firms continue to successfully
operate through management changes. Although this has always been an important topic, it is
much more relevant as the Baby Boomers (which make up nearly fifty percent of the workforce)
begin to take their retirement. As their generation wanes out of the workforce and Generation X
and Y roll in management positions there needs to be a structured handoff to minimize
contingencies and to maintain the companies focus.
Executive Summary
This research paper will highlight all matters important in succession, and particularly
what businesses should do in order to prepare for a change of control. This study will include a
number of different schools of thought on succession while addressing overlaps in certain areas.
The main focuses of this paper are, “The Three Levels of Succession Planning”, “Succession
Matrix”, and “The Five Principal Stages of a Succession Planning Model.” In an economy that
is largely based upon small businesses, it is critical that these firms continue to successfully
operate through management changes. Although this has always been an important topic, it is
much more relevant as the Baby Boomers begin to take their retirement. . The focus of this
research will provide businesses with a number of success factors that contribute to a seamless
handoff of top management positions.

5. Rationale for Research
As stated earlier, the North American workforce is experiencing the largest generational
employment shift ever. This unprecedented transition of jobs and roles inevitably comes with its
fair share of obstacles that should be overcome in the most effective manner. Approximately
80% to 90% of the American economy is comprised of family businesses and they make up
roughly 60% of the country's employment which clearly outlines their importance to the
economy. Succession planning should become an integral part of a business plan as they
establish a solid foundation for the next two to three decades and will have a significant impact
on the business. According to Reester Jr., K. (2008), in the U.S alone it is estimated that the
retirement gap between the Baby Boomers and latter generations (X and Y) will be in the
neighborhood of ten million. This raises the question how will the economy respond to such a
turnover and what will this mean for companies losing critical employees. Most top
management teams are run by Boomers, which means high level employee turnover adds another
dimension to the complexity of this employment void due to the requirement of knowledge
transfer. Despite the evident importance of a succession plan, it is estimated that nearly 70% of
family businesses do not survive the transition of ownership. This shows lack of proactivity
within a business to address the importance of succession planning. The retirement void that we
are on the brink of will undoubtedly have micro and macro economic repercussions. In essence
the impact family owned business have on the economy coupled with the fact that the large
majority of them do not survive generational transitions gives ample rationale for this study.

6. Generational Polarization
It is critical that when looking at factors that affect the outcome and longevity of a
business to take into account succession, in particular, the transition from one generation of
thinking to the next. Each generation has their own knowledge and skill set that is a product of
their learned knowledge; these can be somewhat generalized (by generation) due to the
educational system. It is important to keep in mind that the educational system is continuously
adapting and improving to meet social and technological changes. This inherently different skill
set that is evident between generations must be taken into consideration during succession
planning.
Concerning business succession, there are both success and failure stories associated with
significant polarization amongst generations; we will touch on the case of Samsung in the latter
portion of this paper. It is critical to break down each generation when looking at family
companies individually to dissect each members knowledge of the business. In most cases the
first generation of family companies built it from ground up which requires them to know all the
legalities inside and out. In contrast, any future generations have generally had a lifetime of
exposure to the company and thoroughly understands its operations. During a succession it is
important to synchronize generations so that the company can continue operating smoothly and
overcome any tensions they have due to their differences. To minimize tensions, it is imperative
that companies try to equip the successor with all the necessary information to be as prepared as
possible.
To further illustrate this point let's consider the issue of feedback from a generational
standpoint. The Baby Boomers, who are currently beginning to transition out of the workforce
usually consider feedback to be a one-way affair that begins with top management and gets

7. disseminated accordingly. Generation X and Y however have a far different mentality when it
comes to feedback; they tend to take a more collaborative approach in which feedback is an
essential competency that should take place from both top down and bottom up.
Education
Education has undoubtedly changed over the years, both in terms of curriculum and
social importance. Now there are more people with university degrees than ever which creates
expectations. Generations X and Y who will be filling the Boomers positions in most business
situations are expected to add value in business operations and management, as well as being
well versed in technology. This is sometimes the deciding factor in whether or not a company
will survive the transition; it is critical that the successor not only be more educated in business
practices but that they also bring new innovative ideas to the table. This requires an
entrepreneurial mindset that can match the companies values but expand on the business’s
mission by evaluating new techniques, technology, and all other business operations that have
changed dramatically between the Baby Boomers and Millennials.
Succession Planning Overview
Family businesses are great entrepreneurial ventures; they demonstrate the ability to
create wealth in the economy. However while 30% of all family businesses succeed at the second
generation, only 12% will still be viable into the third generation, with merely 3% of all family
businesses continuing on to the fourth-generation and beyond. The fact that the vast majority of
family firms do not survive into the second generation raises the question why. This could be
attributed to a number of causes, however Jeff Haltrecht (2011) outlines six elements that
contribute to the outstanding rate of failure that include: poor training, lack of common vision,

8. entrepreneur does not hand over de-facto control, compensation programs, lack of succession
plan and the gifting of the business. In order for the family business to survive into future
generations, the entrepreneur must have a clear common vision in order to commit the entire firm
as well as family members to work towards maintaining the success of the business during
transition. The family business cannot simply be gifted to the successor, the role must be earned,
thus the potential successor must have the necessary skills required to take on the appropriate
role.
Entrepreneurs often neglect the importance of having a succession plan in place.
Common assertions made by entrepreneurs to justify the lack of succession plan are: “I’m not
going to retire,” “I can’t figure out the financial payout,” “I’m too busy with clients,” “I’m not
going to die anytime soon”. Although owner/managers tend to have a personal vision to retire
and pass down the family firm someday, there is not enough consideration given to what it takes
to actually make that vision a reality (Deloittle, 2013).
In order for a family business to survive into following generations and succeed, an
integrated succession plan must be in place. This involves preparing the family, as well as the
firm. In order to achieve success as both the business and the family grow, a family business
must face two interdependent challenges: Succeeding at maintaining strong business
performance while keeping family members dedicated and capable of continuing on as the
owner. According to Casper, Dias, and Elstrodt (2010) there are five dimensions that must work
well and in synchrony together: harmonious relations within the family and awareness of how
the family should be involved in the business, an ownership structure that provides enough
capital for growth while permitting the family to control key aspects of the business, strong

9. governance of the company and a dynamic business portfolio, management of the family’s
fortune, and charitable foundations to promote family values across generations.
Components of a Succession Plan
In order for a family business to survive into following generations and succeed, an
integrated succession plan must be in place. This involves preparing the family, as well as the
firm. To be successful as both the company and the family grow, a family business must meet
two intertwined challenges: Achieving strong business performance and keeping the family
committed to and capable of carrying on as the owner. There are five dimensions of activity that
must work well and in synchrony together: Harmonious relations within the family and an
understanding of how family should be involved in the business, an ownership structure that
provides sufficient capital for growth while allowing the family to control key parts of the
business, strong governance of the company and a dynamic business portfolio, professional
management of the family’s wealth, and charitable foundations to promote family values across
generations.
A business strategy must be in place to facilitate the transition between the entrepreneur
and successor. The family must be aware of the articulated goals of the company, and must
remain informed on matters of importance to the business. Communication between family
members is essential in order to prevent tension from arising. There are five stages of a
succession plan, with two on going enablers. The importance of a succession plan will be
demonstrated through the detailed explanation of the stages. Only then can entrepreneurs
understand the value and importance of a succession plan to the success of transition.

10. The Succession Planning Model
Along with the succession plan, a strategic planning process is also vital to the success of a
family business. Formalizing a mission statement is the key first step; it obligates family
members and the entire business to accept and execute the entrepreneur’s vision. The strategic
planning process has a direct impact on the transition of the business to the next generation.
Burke (2008) claims that if we are to assume that a healthy, structured, and analytical debate
took place in the preparation of the business plan, the risk of family tension arising due to the
direction of the business strategy should be greatly condensed, if not eliminated.
At the first stage the entrepreneur must communicate a clear vision and business mission
incorporating the business philosophy and values. Entrepreneurs should not undervalue the
importance of creating a mission statement. The mission statement is the groundwork for
creating a powerful strategic planning process that includes the long-term development of the
business plan. It allows the entrepreneur to visualize where they would like to be within the next
two decades, which in return enables them to pay careful consideration to the decisions required
regarding organizational structure and effective leadership. There are various factors to take into
consideration with regards to developing a business case, including the succession plan. The
entrepreneur must consider the long-term impact of the following five factors:
1. Industry sector, market share, competition and barriers to growth;
2. Long-term business strategy for growth and required return on capital investments;
3. Independent business valuation and the potential to increase brand equity over time;
4. Timeframe for implementing a succession plan;
5. Commitment, ability and leadership potential of family members.

11. Developing a business case is a complete company effort that requires the involvement of family
members and management, who provide assistance in identifying important roles, obligations
and organizational structures.
At the second stage, the owner and top management must identify target roles. This stage
is aimed at identifying the critical workforce divisions within the business. Although the family
aspect of a family business is central to the concept, when employing family members the owner
should remain unbiased in his/her selection. This should not be based on just slotting family
members into roles. Family members must be evaluated based on their competency and skills
like any other candidate. Identifying the critical workforce segments should be an assessment of
the key positions required to achieve the business goals. The purpose of the assessment is to rank
the importance among the different key positions identified, taking into consideration that these
are the positions that will drive the business forward.
During this point, the ongoing enabler, leadership support, depends on the role of the
Board of Directors. Emotions may arise between family members during the succession planning
process; therefore in order to be effective external advisors must facilitate this process. The
earlier external management is involved in the succession plan, the more likely it is that the plan
will be aligned with the business vision. An independent advisor provides guidance, or for lack
of better words, “a reality check”, to guarantee that the suitable organizational structure is in
place to improve the chances of survival through the succession phase.
The third stage entails determining the core competencies and skills required for the
target role. In order for family members to be considered for key positions or as successor
candidates, there must be an inherent commitment to developing the necessary skills and
competencies required to meet future business needs. Certain family firms will ask that family

12. members gain external experience in other firms before joining the family firm. The business
cannot be gifted to the successor; it is essential that the position be rightfully earned. There must
be a balance business and personal needs within the family business. Thus, it is essential that
family members be fully involved and informed.
The case of Samsung effectively demonstrates the importance of the third stage. When
Samsung’s chair Lee Kun-Hee suffered a heart attack, he had to step back from the company.
His son, Lee Jae-Yong, had been an employee in the company for ten years before he received
the title of vice-chairman. This raised questions within the firm of whether the role was earned or
not. However, with ten years of experience, it appears as though Lee Jae-yong is a suitable
candidate to run Samsung. His ten years of service to Samsung implies that he is more than
familiar with the company structure. The business must be committed to the succession plan in
place, and Lee-Jae Yong must earn the respect of his employees in order to achieve a fluid
succession that does not hinder Samsungs operations. This demonstrates that family members
must be treated as equal employees in order to gain respect from non-family staff members.
Employees of the business and family members must maintain the vision over time in spite of
change, and develop new ways of working together.
The fourth stage entails the development and execution of a thorough, skill-based
performance assessment process in order to find potential candidates. Family members have a lot
to gain from working with an external advisor who can regulate family emotions and act as a
sounding board (Burke, 2008, pg.4). It is essential that family members understand that there is
no free pass as a successor candidate. Although emotions may arise, determining whether a
family member has the capability and interest to obtain the fundamental skills required to guide
the organization is a key goal of the plan. A family member may be considered as a possible

13. successor candidate, yet he or she may not want to assume the responsibility involved. On the
other hand, a family member may desire to lead the organization, but not want to invest the time
to develop the required skills in order to be effective. Leadership support and the importance of a
positive work environment act as ongoing enablers at this stage. The organization must
acknowledge and compensate both employees and family members equally. Additionally, the
business must train and promote from within, whilst drawing in new talent to drive the
organization towards achieving its goals.
At the final stage of the succession planning process current and required training and
growth programs are reviewed. The goals focus on ensuring that potential successor candidates
have access to tools for development on a regular basis. Training should provide employees with
job development opportunities. As part of the ongoing training and development practices, the
successor candidate should accept positions outside the family business. Practical, first hand
experience with a variety of work practices is invaluable to the candidate who is able to develop
business experience outside the comfort zone of the family firm.
Three Levels of Succession Planning
Giarmarco (2012), outlines that when looking at succession planning from a family
business perspective there are three major points to take into consideration. These points
coincide with a number of other findings that are thought to have a significant impact on the
outcome of a business succession. Giarmarco classifies these three areas of interests as levels
within a succession plan. The three independent levels broken down include management,
ownership, and transfer taxes. If all three are executed properly, these factors will lead to a
smooth transition between both management and ownership as well as minimizing the cost of

14. transition. Keep in mind that this is an American study so research, numbers and legalities will
differ from example to example but tend to have a similar impact.
Managment
When looking at management in preparation for succession it is important to differentiate
it from ownership. Despite overlaps between the two they have very different legal guidelines
and business implications. To prepare for the transition of management it is suggested that top
management team (TMT) members begin allocating certain tasks of their own to possible
successors- either to key employees of their own blood. This will allow the TMT to make it a
gradual process and phase out which will ensure a smoother transition of power that is generally
received better by the company as a whole. One crucial factor that Giarmarco emphasized was
employee retention. His work highlighted the importance of labeling a qualified and competent
employee as the successor, the most suitable candidate- which may be a non-family member.
Employee retention is also important within the rest of the TMT who are not yet retiring and will
impact the success of the transition. Retaining the TMT and the cohesion that has been built is
important with regards to succession planning because they are in essence the glue holding the
company together. It is common that family companies have one or two key employees that they
look to to be the glue during the transition period, so it is imperative that the company implement
methods that ensure employees stay. Employee retention tactics include: Employee agreements,
nonqualified deferred-compensation plan, stock option plans, change-of-control agreements, and
advisory board benefits. They can be as simple as guaranteeing TMT members a pay increase or
a more flexible schedule if they stay throughout the entire process. Or can include tax
exemptions from a deferred compensation plan which promises the employee their income after

15. a certain amount of time. Essentially these reaffirm a company's commitment to their top or key
employees.
Ownership
Ownership is a tricky component of succession planning but is an inevitable level of a
succession. Because of that fact that so many family business in the Canadian economy today
were established as a result of the Baby Boomers generation many owners will be passing the
torch for the first time in their companys history which presents multiple dilemmas in family
business scenarios. To illustrate some common issues that face owners today a few examples
could include: “how do I treat multiple children equally?”, “what if none of my children are
interested in my business?” or, “when is the best time for me to step down?”. Being proactive
and addressing these topics during the planning process will in turn facilitate the succession
down the road. To hedge against these issues owners must consider a number of techniques and
implement those that will most benefit the company. Some common techniques used by
business owners to address issues include: Selling shares to active children, use voting and
nonvoting shares, leave non-business assets to inactive children, reward active children for their
hard work equally, establish condition and assurance for active children, provide retirement
income for business owner, and buy-sell agreements. If implemented properly, these will reduce
friction that often time comes with a transfer of ownership, which means time and money. They
also address all possibilities of family successors from having no children to many and whether
these children are fit and motivated to take over.
The owner who is planning retirement should always but the companies best interest first,
seeing as this can also dictate the success of their children as well. They must consider the best
option(s) for transferring ownership- not solely “because its my kid”. The tactics used to counter

16. any dilemmas that may arise in the succession planning process should be considered 5-10 years
prior to planned retirement.
Transfer Taxes
Naturally, many people try to avoid thinking about taxes as much, however in business
succession situation it is imperative that transfer taxes be addressed well in advance to minimize
contingencies down the road. Keep in mind that Canadian and American tax legalities differ
despite their many parallels. Companies all too often put off addressing these taxes until the very
end which does not provide ample time to consider all the legalities and repercussions. Transfer
taxes can claim over 50% of the value of a company which can bankrupt them which inevitably
is a big contributor to the 70% of family businesses that do not survive transition. As he did with
management and ownership, Giarmarco provides strategies commonly used by owners to
minimize taxes during the transition period; these strategies include: gifting techniques, sales
strategy, freezing techniques, statutory relief, and life insurance applications. The proper
implementation and use of these techniques can greatly minimize transfer taxes therefore
increasing profits. Although they are often overlooked its imperative that there be a plan in place
with respect to transfer taxes.
Succession Matrix
The succession matrix was developed by the International Succession Planning
Association (ISPA) and is a great overview of all the topics already mentioned in this paper
while still introducing a few more factors relevant to a successful transition. The matrix
incompasses ten independant focuses that are essential to take into consideration during the
transition period and while planning for succession. The succession matrix differs from the other

17. models in this paper by looking at succession at a micro level with topics that seem more obscure
than something as macro oriented as the Three Levels of Business Succession. For example, the
matrix (Appendix 1) includes family governance, family dynamics, owner motivation, and
personal finance which had not been touched upon in depth by other research but must still have
implications. Other topics such as management synergy and teamwork tie more directly to the
management level in the Three Levels ideology. The following at the ten independent factors
that make up the matrix which a brief explanation of what they incompass.
1. Owner Motivation and Perspective:
This takes into consideration how the current owner shapes the inner structure of
a business, from culture to values to work ethic.
2. Personal Financial Planning:
Having financial security and independence as a business owner is an important
tool that facilitates the succession process. It does this by allowing the owner to
step back and coach his/her successor without being financially invested.
3. Business Structuring:
This area focuses on the allocation of resources to allow a company realize a
smooth transition of both ownership and management.
4. Business Performance:
The ISPA draws attention to the fact that there is generally a performance dip as a
result of succession. They emphasize the importance of having a strong
performance prior to entering the succession process that will be sufficient
enough to propel the company though the transition while maintaining faith
amongst investors, shareholders, partners, etc.

18. 5. Strategic Planning:
This implies that companies preparing for a transition should have an overview of
where they are headed and where they want to be in the future; this should be in
line with the companies mission statement, their values. Setting these sort of
goals should be done in a quantifiable manner that is in line with a clear vision.
6. Leadership and Management Continuity:
This subject of the matrix clearly overlaps the management stage in Giarmarco’s
model, Three Level to Business Succession. It is focused with retaining the top
management and key employees during a succession to allow for a smooth
transition with minimal contingencies.
7. Successor Identification and Preparation:
This step addresses the importance of finding not only a successor, but a
competent one. The retiring owner as well as trusted top management should
appoint the best match for the scenario without weighing children too highly. As
previously mentioned, often times the owner faces dilemmas concerning his
children. It is important to identify the successor(s) well in advance of the
transition to give lead time.
8. Management Synergy and Teamwork:
This highlights the importance of keeping up team dynamics, retaining
relationships, and fostering new ones with the incoming successor. This will help
keep the momentum of the business and minimize friction during the process.
9. Family Dynamics:

19. The matrix also manages to cover this more subtle issue that occurs outside the
business but has a direct impact on it. Family governance is a key component in
making sure a family succession goes accordingly by keeping the family in check
and harmonious.
10. Family Governance:
Similarly to family dynamics, family governance is critical in keeping not only
the family, but the business running smoothly as well. This factor of the matrix
includes points such as appointing the best fit, and treating children fairly.
Recommendations and Key Points
This paper has articulated some of the most relevant factors that should be considered
when establishing a succession plan within a family business. It has covered all aspects, direct
and indirect, that play a role in shaping the succession plan, and consequently the outcome of the
business. It is important to note that each plan will have certain modifications to tailor it towards
each company's mission and values. Factors that have a potential impact on succession planning
could include the size of the company (more specifically the TMT), the current fiscal stability of
the business, and the drive and motivation of the predecessor versus the successor to name a few.
Succession planning should be a core competency within all business structures,
especially for family business who have to deal with more dilemmas for reasons outlined in this
study. It is suggested that companies establish their plan well in advance (5-10 years minimum)
to be proactive and capable of making any revisions and adjustments if or when contingencies
arise. Having a game-plan prior to the planned retirement can allow companies to gracefully
enter the succession. This has a major impact on the overall success of the plan because it is
strongly suggested that the succession be phased out in order to minimize friction and will also

20. aid in knowledge transfer. This can be done by the predecessor taking a semi-retirement for the
first stage of the process to train their child or another successor. During this semi-retirement
phase the owner should fulfill the role of a mentor by teaching his successor all the necessary
roles and responsibilities they will have; this includes business contacts, management role,
supply chain logistics, operation logistics, etc. Having a phased retirement will definitely
contribute and aid in creating a harmonious transition.
It is also suggested that those involved in the planning process use SMART (Specific,
Measurable, Attainable, Relevant, and Time-bound) goals to clearly define what the succession
plan aims to do. These goals should in line with the companies mission statement, which
reiterates the point that a formalized mission statement should already be implemented as it
commits all employees to realizing the company's goals and values. Setting goals allows
employees to leave the perpetual mindset which assumes that everything will continue to run
smoothly indefinitely. It is critical that management leaves this mindset as it often had negative
repercussions due to lack of flexibility.
It should also be noted that the owner with his TMT take all options into consideration;
which may include family members, long-time employees, and possibly even new employees.
The owner or manager looking to retire must look at all factors that could impact his company
and choose the proper successor accordingly. There are many responsibilities associated with
leading a business, it is imperative that the successor be prepared to assume these responsibilities
and gain the skills required to govern the business. To mask emotions that may be present within
the appointment of a successor an external advisor may be a viable option in providing unbiased
guidance. It is also suggested that the owner have a fall back plan to account for any unforeseen

21. change or flaw in the succession process, in other words “not having all their eggs in one
basket”.
Succession planning is an instrumental aspect within family businesses that requires
proactivity and thorough consideration. Having a good, indepth yet flexible succession plan can
mean the difference between a company surviving into the next generation. Despite their typical
“bottom of the barrel” concern amongst most companies they must be addressed seriously to
ensure the longevity of a company. The points highlighted in this research paper should provide
evidence of the importance of a succession plan as well as ample techniques and factors to keep
in mind.

22. Appendix 1
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