10. Developing a succession plan is not easy and therefore it is advisable for a family business to hire an advisor to assist in the process. According to Jaffe, in order to achieve successful succession planning, an advisor should follow six steps, what are these six steps?

A.

Step One; Get a commitment from all family members-founder included-to work on succession planning

Step Two; Help family members set aside competitive ways and teach them more constructive ways to work together

Step Three; Adopt a business planning process that begins with a mission statement and strategic plan

Step Four; Create a personal development plan for family members who work in the business

Step Five; Develop an appropriate governance structure for the ownership-management interface of the business

Step Six; Put in place legal and financial structures to implement the succession plan

B.

Step One; Get an appraisal

Step Two; Talk to a lawyer

Step Three; Adopt a business planning process that begins with a mission statement and strategic plan

Step Four; Create a personal development plan for family members who work in the business

Step Five; Develop an appropriate governance structure for the ownership-management interface of the business

Step Six; Put in place legal and financial structures to implement the succession plan

C.

Step One; Get a commitment from all family members-founder included-to work on succession planning

Step Two; Help family members set aside competitive ways and teach them more constructive ways to work together

Step Three; Go public on an exchange to build family wealth and stock options

Step Four; Create a personal development plan for family members who work in the business

Step Five; Develop an appropriate governance structure for the ownership-management interface of the business

Step Six; Put in place legal and financial structures to implement the succession plan

D.

None of these