Family-run businesses form an essential part of the economy. Tradition, success, history, and their unique dynamic can create a thriving
business that many may wish to see continue.
However, as with any business, the conversation about succession and how to continue the business into the future needs to be had.
With only 1 in 4 family-operated businesses considering their approach to succession formally, succession in a family business is one of the greatest viability risks to the actual business and needs to be addressed accordingly.
Family business succession maintains the strong connection between the two most important things in a family business owner’s life; their business and their family.
Every family and family-run business is unique, and every transfer or succession of a family business will also be executed differently. If you are thinking about what your family business’s plan is for succession, you may want to consider keeping these critical factors in mind:
Ensure that all aspects of the succession plan are conveyed to the appropriate parties and that they understand their roles and positions.
Want to know more about how succession planning could assist you with your life goals? Speak with your trusted advisors in preparation for this step.
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