Family Business Succession Planning

Step Two: Formulate your Goals and Objectives


Have the committee create a list of objectives. These objectives should be very specific, be certain to include both the quantitative and the qualitative. The committee then consolidates and prioritizes these objectives so they can be presented as part of the RFP. Consider the whole business when thinking of these goals and make sure that all employees are being taken into account.

The key to creating a good RFP is asking the right questions

Turning your goals and objectives into questions is probably the most important part of this process.The questions that go into the RFP will become your basis for “scoring” each proposal. This list should be as thorough and as specific as it can be.

The General Questions



The Fiduciary Questions



The Investment Questions



The Service Questions



The Participant Account Access Questions



The Cybersecurity Questions



The Fee Questions