Leadership, Ownership, Succession, Wealth Transfer Readiness Questionnaire

Suggested use for this and the accompanying readiness for ownership/wealth transfer questionnaire:

• Print several copies of the questionnaires and distribute them to family members.
• Ask each to complete the questionnaires without discussing them.
• Bring members together and compile the results for group discussion. If you feel that greater candor would result from having a third party compile them and give the results to you for distribution to the group, do so. Use individual tally marks for distribution of scores—not just averages.
• For those items where the consensus is high (around 3) discuss what you do right as a group regarding this item, and how to continue it.
• For those where you have differences among the group, discuss what accounts for those differences, and what needs to happen to achieve convergence around 3. Create a communication climate of safety, so that people will self-identify—don’t ask "who gave this a 1!"
• For those items where there is convergence at the low end (around 1) discuss who, needs to do what, when in order to address this item. Be open to the possibility that you may need to use your trusted advisors in some areas.

Readiness for Leadership/Succession Transfer

Scale: (use scale below to rate the following numbered items.)
1 = Little or no degree
2 = To a moderate or mixed degree
3 = To a significant degree

1. We have a strategic plan—written, communicated, understood and accepted.
2. We have a shared Mission, vision and Values statement.
3. We have an explicit method of assessing potential successors.
4. We have explicit and transparent processes for developing successors.
5. We have explicit ways of transferring knowledge, values and authority.
6. We assess the job performance of family members in the business.
7. We have an explicit family employment policy.
8. We have explicit competencies, requirements, abilities and skills for those entering the business.
9. We have mentoring and development processes for family members, before and after entering the family business.
10. We have a clear governance structure.
11. We have explicit ways of clarifying roles and relationships, and for working through conflict.
12. We have processes, important roles and helpful mechanisms for family members transitioning out of the family business.
13. As a family, what one-to-three things do we do most effectively in this area?
14. What one-to-three things, if done differently, could most enhance or improve us in this area?

Readiness for Ownership/Wealth Transfer

Scale: (use scale below to rate the following numbered items.)
1 = Little or no degree
2 = To a moderate or mixed degree
3 = To a significant degree

1. We have current knowledge about estate planning.
2. We have an up-to-date estate plan.
3. We are open with heirs about our estate plans.
4. Our family’s mission and values speak to the purposes and uses of wealth for us.
5. We have open conversations about the risks, benefits and proper uses of wealth.
6. We involve younger family members in our charitable giving or philanthropic activities.
7. We teach the next generation(s) about the values and skills needed to handle wealth.
8. To ensure that our family wealth will help unite us, not divide us we work regularly to ensure open communication and trust within the family.
9. We work hard to identify and prepare younger family members for “best fit” roles in the family business or in the family.
10. We regularly work to ensure that family members have good working knowledge regarding investment, money and wealth management.
11. As a family, what one-to-three things do we do most effectively in this area?
12. What one-to-three things, if done differently, could most enhance or improve us in this area?