If you own a family business, retirement isn’t simply a matter of deciding not to go into the office anymore. You’ve got some critical questions to answer like…
The family dynamic complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs.
Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord – or both.
Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.
Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.
Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues…
Let us help you pass on what’s taken a lifetime to build by requesting a Free Consultation below.