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Succession planning important for family-owned businesses
School of Business Associate Prof. Mike Thompson was quoted in the Saanich News about the role of family businesses in the local economy.
Here is an excerpt from the article:
“Family businesses have a very valuable and sustaining role to play within our local economy,” says Mike Thompson, associate professor, Faculty of Management at Royal Roads University, who has studied the topic extensively. “There’s a vibrant family owned-business community here that I’ve observed. There’s a lot of local camaraderie.”
Thompson is co-author of the book Business Diagnostics, which provides a framework for sizing up the health of a company and developing proper financing and planning strategies. He has recently completed a white paper that explores succession planning in family enterprises.
“They need to have a plan in place that gives the necessary focus to stay on task for the eventual succession,” he says. “The first component is that they need to build an advisory team. They need a good lawyer, banker and accountant that will help them out with their planning process and they need to involve the family with all these conversations.”