- PRACTICE AREAS
Family businesses that survive over several generations, with both the business and the family intact, defy the statistical odds. Many businesses never make it past the first generation due to disputes regarding succession. This is often because a business is passed down to the “wrong” family member or a discussion of the company’s future wasn’t held in time. In these cases, the business and the family may fall apart, due to perceived unfairness and disagreements over company values and actions.
One overarching principle that pervades generational succession is fairness. The perception of having been treated unfairly can strain parental and sibling relationships and even lead to permanent family estrangement—the very result that all parents want to avoid. Recent research has shown that it is important to hold open succession discussions among family members, focusing on the topics of retirement, future family income needs, and other business realities.
As a certified Family Business Advisor, I assist families with current and future succession issues. I work with families to develop plans to help their businesses last well into the future. Keeping in mind the best interests of the family and the business, I’ll assist you in setting your business up for a smooth and efficient transition. In the event of a dispute regarding a succession already in place, I help identify the issues at hand to develop a plan that all involved parties can weigh in on. Let me help your business survive not only through the next generation, but also for many generations to come.