Henning Family Business Center Model
We Begin With the End in Mind . . .
If the business is to survive long term, we believe four plans must be in place:
- Business Plan -- mission statement, strategic plan, list of objectives, assignments, accountability, compensation, employee and management meetings, regular director, shareholder and advisor meetings.
- Family Plan -- developing a family council, family charter, participation and exit policy, values statement, family policy, improved communication techniques, code of conduct, conflict resolution policy and learning to separate family from business issues.
- Succession Plan -- career mapping, training and choosing the next leader, leadership development, retirement and financial security for senior generation, and asset and control transfer to junior generation.
- Estate Plan -- establishing family "justice", wills and trusts, durable power of attorney, health care proxy, proper life insurance, buy-sell agreements and emergency plans for individuals, family and the company.