Family Business Succession
Operating a family business is more than a career – it’s a way of life! After years of nurturing customers, building traditions and adapting to change, transitioning ownership of the business to the next generation should be a proud and gratifying experience. Done well, your succession plan will help enable all current and future family members to reap the benefits of the hard work and dedication of those who came before them.
Whether your business is moving on to younger family members or to an entirely new family, a successful transition plan will help account for the smooth transfer of knowledge and responsibilities as well as the business assets. It also recognizes the roles that different family members have played in the growth of the business, and the roles they will play in the future.
This is why we encourage engagement of all family business stakeholders in the planning of its succession. When everyone takes part in the planning, we can help maintain family harmony through a challenging period and set the stage for an orderly transfer to the successor(s).