There are a number of books written on succession planning and transitions in family businesses, and it is impossible to synthesize all of that information into a short blog. So, keep in mind as you read this, that succession planning is a complex subject, and this is intended as a high level overview. In subsequent posts we will discuss particular aspects in greater depth. Following are 10 suggestions to ensure a smooth leadership transition for your family business.
LEARN. SUPPORT. THRIVE.
Family-owned and operated businesses have unique needs. Since its founding
in 1955, The Curchin Group has partnered and grown with 1st, 2nd, 3rd and
even 4th generation family enterprises.
During the week of January 14, 2013, I was fortunate to attend the Annual Heckerling Institute Conference on Estate Planning in Orlando, Florida. It is the nation’s leading conference for estate planners, including accountants, attorneys, trust officers, insurance advisors and wealth management professionals. The sessions offered a comprehensive coverage of the latest estate planning techniques and strategies.
Transitioning your family business to the next generation can be a daunting process if you are unprepared. To ensure that your business survives and prospers over the long-run, there are several critical factors and key preparations you must consider. Before you even begin the business transition process, it is important to design an exit strategy for yourself and develop a succession plan.