Succession Planning Family Business

Succession Planning Family Business-55
Too often, these professionals find it difficult to proceed because their client has yet to make a number of personal and family decisions that will drive the planning process.Make Things Happen has developed a process designed to help family business owners address all of the key personal, family and business issues underlying an effective succession plan.Planning to pass on the family business can be tricky, but ultimately will be worthwhile.

Too often, these professionals find it difficult to proceed because their client has yet to make a number of personal and family decisions that will drive the planning process.Make Things Happen has developed a process designed to help family business owners address all of the key personal, family and business issues underlying an effective succession plan.Planning to pass on the family business can be tricky, but ultimately will be worthwhile.

Just as you took time to examine the market and assess your needs before starting a business, it's essential that you allow yourself ample time to create your family business succession plan.

Many advisors say five years is the minimum amount of time you should allow – but more is always better.

Our process is not meant to replace the work of accountants, lawyers and other professionals — rather, to ensure that you have asked yourself all the right questions and considered all of the key issues before you visit these professionals.

Our goal is to ensure that your interests, your family’s interests and the business’ interests are equally well served, and to make you a more sophisticated — and efficient — consumer of the other professional services you will require as you prepare to exit your business.

Nationwide's resources can help you address some of the issues you may face.

Succession planning is the process of pinpointing key needs for leadership and intellectual talent throughout the organization over time and preparing individuals for present and future work responsibilities.When you have a clear idea of what you want, then it makes sense to broaden the discussion out to include the desires of the rest of your family.Only when the family has developed a committed vision for its future in the business does it make sense to develop a strategic plan for the business to support the family’s goals. The owner’s vision The questions are deceptively simple but the underlying issues are many and complex.However, there is logic to the order of these seven steps.We believe the true starting point should be your needs and those of your spouse.It’s no secret that running a family business takes a great amount of time, hard work and commitment.Often, as an owner you wear many different hats and have to move at a rapid pace to keep up with changes from your competitors as well as shifts in your industry.Business owners offer a variety of different reasons for not having a plan in place, such as: However, having a business succession plan should be as high a priority as running your daily operations.The challenges that first-generation business owners face, are likely to be much different than those that future generations encounter.Not only can this prevent future generations from fully learning business operations, but it can also impede progress as the business does things the way they’ve always done them.According to experts, this reluctance to relinquish control at the right time is one of the reasons fewer than one-third of family businesses survive the transition from the first generation to the second, and only about 12% survive from the second generation to the third. Planning for both the success and the succession of your family business allows your business to grow while you develop talent and identify or cultivate strengths among your potential successors.

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