Ownership and Management

What is your exit strategy? Who is going to succeed you? Is your dream to see your next generation take over the business? Did you know that the percentages are very low for family businesses successfully passing the business on to the next generation? What is your plan to optimize your return for your hard work and efforts, and see your business succeed and grow? Will you be able to afford to retire? Do any of these questions cause you alarm?

The transfer of equity, management responsibilities, and authority between generations is an especially difficult threshold for the family to cross. Success beyond the first generation rests on the successor's ability to effectively be developed so he/she can lead, generate support and direction for members of management, and to build trust throughout the family and the business.

The bottom line is this: Whether you plan to transition the business to the next generation or sell your business, there can be enormous implications for you and your family, for your employees, and even for your customers and suppliers. Such decisions affect your personal and estate goals, taxes, management succession, and family issues.
Symptoms to Look For Are You Prepared?