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Kevin has a successful cleaning Business.  

He started up in the mid 1970’s, beginning small then expanding to cover both domestic and industrial cleaning. Dirty windows or floors inside or out call Kevin's Cleaning Service. 

He employs a team, and his two children are part of the Business. Kevin is a widower. 

His children are keen to inherit and take over when Dad retires. 

Scenario 1: Dad, for sentimental reasons and family loyalty, simply says both children will have equal ownership and authority. That's good enough, it's written in his will. Family is family, everything should be fine. 

Scenario 2: Kevin loves his children and while they have jobs in the Company, he has reservations about their ability and suitability to manage and run the Business. 

For that reason, he has developed a Succession Plan. This clearly outlines his wishes. He has also appointed a Board of Management that will have control over financial decisions and business affairs. 

It’s keeping the Business in the family, and the children will still enjoy financial remuneration and benefits from the Business. 

Implemented, this governance and structure will protect and support the continued continuity and success of Kevin's Cleaning Service, himself in retirement and his children.