Succession Planning In Family Business

Succession Planning In Family Business-13
At some point, you may wish to consider having a meeting with your entire family together.

At some point, you may wish to consider having a meeting with your entire family together.

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Children who have put time and energy into helping you build a company may have earned the right to a larger share and more responsibility than children who have pursued other avenues.

Taking an objective view of your family can help the business you’ve built continue to succeed and grow in the future.

You should consult with trusted advisors throughout the process.

The attorneys at Schloemer Law Firm are experienced in helping local businesses successfully transfer their business from one generation to the next.

The first generation may think these youngsters are not ready.

These opposed perceptions are due to a fundamental breakdown in communication.The current owners of the business must communicate to the future leaders their exit plans and vision for the transition.Realistic assessments of talent (or lack thereof) and how to improve such shortfalls, as well as how to accommodate the desires of the generation in control, must be openly discussed and addressed.ENSURE COMPLIANCE AND BEST PRACTICES Before you can transfer the company to the next generation you must have something of value to transfer.The company must be in compliance with all laws and best practices.COMMUNICATE, COMMUNICATE, COMMUNICATE Communication is vital in a family business because there may be misperceptions when transferring the business from one generation to the next.The second generation of family business employees may think they are ready to take over the reins and are going to be handed the keys to the kingdom any day now.This will also emphasize to your family how important this is to you and the business.You may wish to start by having separate discussions with separate family members.You have a middle child, but they never really wanted anything to do with your business.Questions you should consider include: While most parents want to treat their children equally, it is important to remember that being “equitable” is often more important than being “equal”.

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