Handing down your company

Most of the family businesses that I work with are ultimately faced with the dilemma of “what's next?” for both the business and the family.

Often times these entrepreneurial owners have spent a lifetime working to build their business, but are reluctant to take the time to think formally about how to prepare their heirs to lead the company after they are gone. Unfortunately, this lack of foresight and planning can put the future sustainability of the business at risk, along with creating unnecessary family conflict.

The statistics about family businesses, a mainstay of the global economy, are quite sobering. It's well documented that just 30% of all family businesses last into the second generation, and only 12% make it to the third generation.