What is Succession Conversation?

The Succession Conversation can facilitate a family
meeting to design your succession plan. This is a
one-off meeting facilitated by a trained, impartial
facilitator, skilled in family communication, who can
ask the difficult questions that other professionals, or
even family members, would prefer not to ask. The
facilitator has the skills to manage difficult and sensitive
issues and works co-operatively, not only with all
the family, but also their chosen advisor, either an
accountant, solicitor or consultant.

Business’ assets and liabilities, current succession
plans, such as wills, land/business assets that have
been transferred etc, are discussed at the family
meeting. The family can then reach a collective agreement
on a fair division of the assets. The ultimate
outcome is a succession plan that every member of
the family approves of.

The Succession
Conversation can ...

  • Create an atmosphere for open discussion
    among family members to identify the family’s
  • Allow the family to listen to each other and
    give everyone a voice
  • Avoid laying blame or personal attacks on
    other family members
  • Devise a succession plan by agreement with
    clear guidelines on how and when assets are to
    be transferred

Holding an open meeting is the best way to formulate the plan. It is recommended that all family
members attend because experience has shown
that when people are excluded from the process
they tend not to engage in the outcome. Also,
given that divorce and the contestation of
wills/transfers can be the two major threats to a
succession plan, everyone needs to attend the
succession planning meeting.

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