Family Business Succession Strategies

If there’s one particular reason why family business succession planning should commence sooner rather than later it is because any decisions made as soon as possible can have a dramatic effect on all relevant parties. One effect is psychological, it makes us feel better, more self-confident, and confident once we know as much as we [...]

From my own experience, real family business succession planning elements aren’t monetary, not estate taxes, they aren’t business related at all in reality. They are driven by your ability or perhaps the inability to talk with your family members frankly. If you’re able to talk out the challenges, concerns, ambitions, along with assumptions with each [...]

Decades of statistics show that most successful companies ultimately fail to outlive their founder. The fact is just thirty-five percent of successful family owned companies (and almost all small businesses are family owned) live through the second generation, and of those only 20% survive through the next. The reason why are usually straightforward and the [...]

This definitely seems to be a typical misunderstanding, entrepreneurs visualizing their family business succession planning as a one time occurrence, perhaps like going for a vacation cruise – something they actually do only once in their lifetime. Typically the knowledgeable business owner knows however that their company’s success as a viable business into the next [...]