What are the key areas that I should focus on in my succession planning?

The key areas that should be addressed in your succession plan, which as a whole are referred to as the Succession Matrix are: Personal Financial Planning, Business Structuring, Business Performance, Strategic Planning, Leadership & Management Continuity, Successor Preparation, Management Synergy & Teamwork, Family Governance, and Family Dynamics.

These ten factors significantly impact each other. Issues in one area can greatly impact the others. For example, an entitlement issue with one of your employed family members is a Family Dynamic and Governance issue. Assume the issue is resolved, they may now be considered a successor candidate (Successor Preparation), your managers who had begun to resent your child may take on a more positive, team oriented attitude once they see the changes in your child (Management Synergy & Teamwork), and you may decide to leave more of your estate and business to them (Personal Financial Planning).