Succession Planning

Succession Planning: You Lost Me at Complicated, Lengthy Process

“Succession planning doesn’t have to be complicated”

We all know we need one, but why is it so hard to prepare a succession plan? One of the most common reasons is the difficulty in just getting the process started.

Good news. You may have already started without even knowing it. Try using an existing company organization chart with some modifications as a starting point. More…

The Burden of Legacy

“the night before closing the deal. My brother and I sat in a car in the parking lot outside the office building and reflected about whether we failed in carrying on the legacy”

Many family businesses are caught in the dilemma of whether to pass along the business to the next generation or sell the business. The senior generation needs to plan for retirement and feel confident that the younger generation can run the business, and the younger generation has to decide whether they want to stay involved or move on to a different career . Unfortunately, most of the time the family legacy affects the decision.  This legacy can become a burden and lead to a demise of the business if the succession plan includes a younger generation who is continuing on for the sake of the legacy of the founders rather than following their true ambitions.

In our family business, our parents removed the legacy issue as an issue, by More…