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Family Owned Business Succession Planning
Ensure that “Business as Usual” Continues Through the Generations
Families often pass down their business from one generation to another. However, many families fail to plan for the transition of their business. Without a succession plan, a business will have a hard time re-adjusting to inevitable changes that come along the way. Without a clear blueprint, a once thriving business can disintegrate into failure very quickly. Family owned business succession planning can prevent this from happening.
Business Succession Plans Provide Guidance
The process of handing down control can be very complicated. For this reason, many people fail to take on this daunting task. It’s not as simple as changing names on business cards and re-arranging job titles and responsibilities.
Family businesses need to ensure that the steady pipeline of talent and management continues at every level. This way, every department and person in charge will be equipped to handle any challenges that arise in the future.
A well-thought-out business succession plan addresses organizational structure, the availability of critical information, and communication and governance. Documentation and decision-making processes also play a significant role. There are other areas to be considered as well such as talent development, talent retention, and recruitment. The list can go on and on, but the main point is that those in control can’t afford to ignore any component. A properly executed business succession plan provides guidance for transferring control and ownership.
There is also a question of time when it comes to family businesses. The problems faced by one family generation will differ from the issues faced by future generations. Although we can’t predict what will happen, not having plans for the future is a sure way to sabotage the hard work of the previous generations.
Continue Your Family Business Legacy
Whether you’re a small mom and pop shop, or a large corporation with many employees, one thing for sure is that you’ve worked hard to build your business.
Many families have established their roots in this country after coming from another part of the world. In the process, they made many sacrifices for themselves and their families. Not only do they have stories of success, but also of hardship. In the end, it paid off, and now you want to ensure that your foundation stays protected.
Your family-owned business is the story of success. Be sure that it continues to provide value for your heirs and for future generations to come.
Consult Legal Advice from an Estate Planning Attorney
Family-owned business succession planning can be a challenge. It’s always wise to seek legal advice from an experienced estate planning attorney. Contact us today for a legal consultation.
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