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Family Business Survey
1. A documented plan and schedule exists for transferring business decision-making responsibility and authority to the next generation of management.
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2. The founder’s continuing role in the business has been discussed with the next generation of management and is well defined.
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3. The founder has developed a written exit strategy from the business.
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4. The founder’s plan has been communicated to all family members & stakeholders.
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5. Our family meets regularly to develop the individual and collective communication, problem-solving and conflict-resolution skills of all adult family members.
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6. We have a documented statement of the family’s business vision to which all adult family members subscribe.
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7. We have developed, agreed upon and documented rules/guidelines for making decisions about hiring family members to work in the business.
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8. We have considered, defined and documented the rights and responsibilities of each of the various business and family roles we play.
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9. There is a documented strategic plan.
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10. We have an active, functioning board of directors with independent representatives (non-family).
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11. We have an active, functioning board of directors with independent representatives (non-family).
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12. Clear job descriptions and performance standards exist for both family and non-family employees.
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13. Rules for compensating family members employed in the business have been established and effectively balance business and family considerations.
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14. The management model that will be used in the next generation has been defined and documented.
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15. Criteria for evaluating candidates for the top management position(s) in the next generation have been agreed upon and documented.
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16. An objective process by which successor selection(s) will be made has been established, documented, and communicated to affected stakeholders.
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18. Every adult family member understands the rights, roles and responsibilities that apply to the owners of our family’s business.
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19. A decision has been made about to whom ownership will be transferred in the next generation.
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20. Written buy-sell and/or shareholder agreements exist and are current. They define how stock will be treated in the event of death, disability or withdrawal of a shareholder from the business.
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21. All owners receive periodic information about the financial performance of the business and are able to read, understand and interpret financial statements.
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22. The estate plans of the founder and all other family stakeholders are complete and are reviewed annually.
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23. The methods and means whereby the founder’s (or current leader’s) estate will be distributed have been shared with all affected family members.
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24. Funding provisions exist for the payment of estate tax obligations.
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25. The family knows the philosophy and specific intentions of the founder and his or her spouse concerning wealth and philanthropy.
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Cisco Campaign 2022
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