Careful planning and teamwork are the critical factors for any successful transition. Failure to adequately address succession may be one of the primary reason that very few family owned businesses continue into the second generation and that even less continue into the third. Even though family business advisers place a strong emphasis on the importance of succession planning,many family business owners neglect to develop a strategy for passing control to the next generation.
Ownership transfer and succession is not a decision. It is an organized process that involves information gathering, discussion and the evaluation of options and alternatives. If you address the issue of succession as a process which includes all the needs and concerns of your entire family, preparing for the event can be extremely beneficial.
Developing an effective business succession strategy requires a team effort between you and your advisors. Working with your attorney and accountant,our advisers can help you achieve your estate, succession and retirement planning goals and help you avoid potential problems before they arise.
How do you ensure that you've taken all the steps necessary to pass over the family business? Review your succession,retirement and estate plans with your advisers today.