As an advisor to many families, the commencement of a succession plan usually arises because of some outside event that happens. The well planned family does not necessarily wait until this event happens, be it divorce, death or a health … Continue reading
Succession of a business can take a long time, sometimes 5-20 years. I am in the midst of a succession planning discussions with one family that is now into its 2nd year, having made significant headway on communications and setting … Continue reading
You have run your business and weathered many successes and challenges. Today, it is the challenges of successions about which we will be speaking. Many business people have put their hopes into the plan that the children of the family … Continue reading
Some thoughts about family meetings, especially for those meetings focusing on the family business. From my experience, as the business goes through the generations, and more owners are at the table, the decisions and discussions can often be fraught with … Continue reading
Management succession should also be an integral component of most, if not all, succession plans. The business has to be able to continue to operate, with a strong management team, when you are no longer operating the business which can … Continue reading
Succession is a journey that is a positive thing. Remember, you are taking steps for an orderly transition of your business to the next generation. The majority of private businesses today have not taken these steps, for many reasons, lack … Continue reading
