Business Succession Planning

Family business succession planning should be a priority for every company that wants to pass on its business to the next generation.

Sooner or later, everyone wants to retire. But if you own a family business, retirement isn't just a matter of deciding not to go into the office any more. The bigger question of what happens to the business becomes paramount. Who's going to manage the business when you no longer work the business? How will ownership be transferred?

If the business will be carried on by relatives then it is important to have a family business succession plan in place to manage these issues, setting up a smooth transition between you and the future owners of your business. With family businesses, succession planning can be especially complicated because of the relationships and emotions involved - and because most people are not that comfortable discussing topics such as aging, death, and their financial affairs.

Perhaps this is why more than 70 percent of family-owned businesses do not survive the transition from founder to second generation. In most cases, the "killer" is taxes or family discord, which is why skilled practitioners can provide invaluable advice where tax strategies can be developed for good business succession planning to take hold.

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