(From Talent Management)—When the organization was founded in 2005, members of the International Succession Planning Association put together a list of the 10 major tenets of succession planning, said founding member Dan Schneider, a partner at succession planning company The Rawls Group.

The list applies to individuals ranging from those involved in small family-owned businesses to those at Fortune 500 companies. Its purpose was to explain the subtleties and nuances involved in the often ill-executed practice of succession planning.

Companies can review the list and check things off to make sure each is included in their succession plan.

1. Involvement of owner or majority stock holder: What is the business owner’s stake in the next generation of leadership? How will the owner want to be involved in the succession process?

2. Financial planning: How does the next generation of leaders match with the company’s future financial goals?

3. Business structure: How is the business structured today? Are there plans to change that in the future?

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