Family Business Succession Planning

Family Business Succession Planning
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Are you preparing for the future of your family business? Whether you’re just starting your business or nearing the end of your career, it’s always a good idea to think ahead to what your Next Adventure will be after your business career. Family business succession planning doesn’t have to be overwhelming or intimidating. Trust The Transition Strategists to help take the mystery and strain out of transferring the ownership of your business. Keep reading to learn more.

Beginning Family Business Succession Planning

You might be surprised to learn that our first principle of successful business transition planning is not actually about your business so much as it is about you. Our first principle asks you to put relationships first. While this seems counterintuitive when it comes to business strategy, nothing could be more important. Even after you have transferred the ownership of your business to someone else, your relationships will remain. Take the time at the beginning of this process to reflect on your relationships – family, friends, and business. Which ones are most important to you? What do those relationships need to thrive?

After you’ve answered those questions, you can start thinking about succession but still in terms of relationships: will your plan enhance and protect those relationships? An option in succession planning might be a good financial move but hurt someone you love and damage that relationship. That’s why we developed The Transition Roadmap Developer ProcessTM – to help you plan for the future of your business with less fear, anxiety, and worry. No transition is perfect, but we will help you through any bumps along the road. With our process, the Transition Strategists have a 100% success rate. That’s right. 100% of the owners who have completed The Transition Roadmap Developer ProcessTM have successfully transferred their companies to their successors and are living happy and meaningful lives.

Considerations for Your Family Business

Something to keep in mind as you plan for your business’s future is the connection to family. If this business has been in your family for generations, you might feel a responsibility to ensure the family legacy. Even if you are the founder of the business, you might have planned to see your children and grandchildren carry it on when you are ready to retire. For some families, this works perfectly: someone in the next generation has been training at the owner’s side and is willing and ready to run the business. In other scenarios, this might not work as perfectly, and that can be difficult to manage or accept.

As you’re planning for the future of your family business, you might ask yourself: is it essential that my family carry on this business, or is it just important that the business is family-oriented? By hiring us, The Transition Strategists, to help with your family business succession planning, we help you move onto your Next Adventure with peace of mind. We put people first. We focus on the relationships you have and keep them whole. Contact us today to set up a free consultation.