A lot rides on planning a major transition within a company. Ensuring a smooth transition from one generation to the next is a process that needs to be carefully planned and meticulously executed in order to succeed. Handling a succession involves a lot of moving parts and if not done correctly it can result in conflict, a loss of assets or revenue, and damaged relationships.
Being early and proactive about your family business succession planning will minimize conflict and maximize the ability for the business to do well in the future. There are three main aspects of a family business transition:
Equally important to the handling of the transition itself, is when and how the ownership will be transitioned. Figuring out which family members should get control versus ownership, and when, is vital. Most of all, the entire transition needs to be orchestrated to ensure family harmony is not negatively impacted. Using the wrong process to reach decisions on leadership, wealth, and control can create bigger issues within your family dynamic that will be increasingly difficult to resolve as time goes on. Instead of feeling like you have to constantly walk on thin ice around your family when the topic of your successor comes up, let us take some of the pressure off your back and help you plan out your succession so that you don’t have to do it all by yourself.
We know passing on a business to a family member isn’t always a viable option for some business owners. If you have family members that you’d like to bring into the fold but are still hesitant as to their capability to handle things, we’ll help you determine if succession is the best option. If necessary, we also help our clients develop secondary plans to sell the business or pass it on to a non-family member, ensuring their wealth is maintained and providing peace of mind.
As your family business partner, we’re here for you!
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