Driving growth & ensuring success through ownership transitions.
Only about 30% of family businesses survive into a second generation. Is yours prepared?
Transitioning ownership of a family business is possibly the most important business decision you will ever make… and almost certainly the toughest.
For a family business, transition is a once-in-a-lifetime decision. Perhaps no challenge has as much potential to amplify the unique stresses, or conversely, highlight the special advantages of operating a family business.
And as if the business, emotional, legal, and technical issues weren’t thorny enough, consider this daunting fact: only about 30% of family businesses survive into a second generation.
Most families are reluctant to tackle the issues and yet the health and longevity of a family business depend on careful transition planning—and on communicating the results of that planning to the right stakeholders at the right time. Doing so will increase the likelihood that your business will endure well beyond the leadership transition, delivering lasting value to your family.
Our Family Business Transition Process
8 Steps for Successful Family Business Transition
1. They started their transition planning early.
2. They articulated a clear vision to family, employees and key stakeholders.
3. They formalized a succession plan as part of a larger business plan.
4. They worked to prepare the next generation.
5. They communicated the plan to the extended family.
6. They anticipated and purposely addressed where potential conflict might arise as a result of executing the plan.
7. They built an experienced transition management team.
8. They developed a written business succession plan with an implementation timetable.