Family Business Succession Strategies

If there is just one reason family business succession planning should preferably commence sooner rather than later it is because the actual decisions made early may have a dramatic effect on all relevant parties. One particular effect is state of mind related, it makes us feel better, more certain, and confident once we understand as [...]

From my own experience, actual family business succession planning grievances are not financial, not taxes, they may not be business related at all in reality. They are consistent with your willingness or inability to have a discussion with your family members honestly. If you can talk out the issues, worries, dreams, in addition to presumptions [...]

Decades of statistics show that the vast majority of successful companies ultimately fail to outlive their founder. In reality just thirty-five percent of financially successful family businesses (and virtually all businesses are generally family held) live on through the second generation, and of those only twenty percent make it through the third. The causes are [...]

This seems to be a common belief, business owners picturing their family business succession planning as being a one time affair, perhaps like going for a vacation cruise – something they actually do just once in their lifetime. Typically the informed family business owner knows however that their survival as a viable enterprise into the [...]