Succession Planning

The Next Generation:

Many business owners dream about the day that their children will take control of the business. When the children have had the proper training to take on the operation and financial aspects of the business this can be one of the most gratifying experiences for a business owner and parent.

But, before making the decision to complete an intergenerational transfer there are several questions that should be considered:

1) Is the next generation taking on the running of the business for the right reasons?
2) Is the owners’ equity sufficient to withstand the failure of the business?
3) Is the structure of the transfer of ownership the best for both sides?
4) What value should be placed on the business?

The first two questions are about the ability of the next generation to carry on the family business successfully. It is important to engage professionals (including an Industrial Psychologist) and take the time to consider if this course of action is the best for the business and for the family.

The Industrial Psychologist's Role

Industrial Psychological research identifies variables associated with the different aspects of human behavior. Testing explains human behavior regarding theories developed based both on individual and situational experiences.

The Attentional and Interpersonal Style Inventory (TAIS) Test, is an assessment device used for selection, screening, teambuilding, and performance enhancement.

The test is designed to help individuals and organizations maximize their potential.

The test will not guarantee the success of an individual or business, but it will identify the areas that can and will prevent success.