The primary concern of most family business owners is continuity. After a lifetime of effort toward competitiveness and growth, they consider the transfer of the enterprise — in good operational and financial condition, to successors who are ready and eager to take over — as their final, and most daunting, challenge.
Good planning requires good information. We have developed a process for generating the essential data that is needed to guide integrated planning: the LGA Continuity Audit. The Audit is an assessment of the level of readiness for continuity all three sub-systems (business, ownership, and family). We use a set of well-validated assessment tools, but every Continuity Audit is tailored individually to the client and culminates with a series of recommendations and a discussion about prioritization.
The Audit is conducted by an LGA consulting team, in collaboration with a coordinator or steering committee from the family. The team looks at:
- Current operational performance and strategic plans
- Career development of key future leaders
- Family governance structures (boards, trusts, councils and assemblies)
- Capacity for successful wealth management, estate planning, and philanthropy
An Audit typically takes 2-6 months to complete and the outcome is a detailed plan for the future, with a specific roadmap to guide the family into Phase II: Design & Implementation.