Family Business Succession Strategies

If there is one particular reason why family business succession planning preferably should commence sooner rather than later it’s because any decisions agreed to at the beginning can have a dramatic effect on all relevant parties. One effect is mental, it causes us to feel better, more certain, and confident if we understand as much [...]

From our experience, the most critical family business succession planning snags are not monetary, not estate taxes, they aren’t business related in any way in fact. They are in accordance with your willingness or perhaps the inability to communicate with your family members seriously. Whenever you can talk out the problems, concerns, desires, and assumptions [...]

Many years of research illustrate that a good number of successful businesses ultimately fail. The fact is merely thirty-five percent of successful family businesses (and almost all small businesses are usually family owned or operated) make it through the next generation, and of those only 20% make it through the 3rd. The causes are typically [...]

This seems to be a typical misconception, entrepreneurs visualizing their family business succession planning as a one time experience, possibly like taking a luxury cruise – something they may do only once or twice in their lifetime. The knowledgeable small business owner knows however that their company’s survival as a viable enterprise into the next [...]