Family Business Succession Planning
For a family business, successfully transitioning your business from one generation to the next may be one of the most important accomplishments of a family business owner. There is a lot riding on getting it right. The business has been generating wealth for you, your family, and your employees. As the current owner(s) back off, they may want or need to receive income from the business, thus the importance that it be run well in the future. It is also important for the incoming generation as they have chosen this as a career and there is a lot riding on their success. Not only does the role require skill, knowledge, and leadership, but what we call an “Ownership” mentality.
Equally important is when and how the ownership will be transitioned. Not only does it share wealth with its estate planning issues, but can provide control. 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. The wrong process too reach decisions on leadership, wealth, and control can create conflict, hurt feelings, and damaged relationships.
Family Business USA is aware of the many business, ownership, and relationship dynamics, and has the experience and caring to guide your family successfully through the succession process.
Why not give us a call or send an Email right now to discuss your situation and understand how we can help. All communication is 100% confidential.