Generational transfers represent a common attribute of family-owned business, which other types of businesses typically do not need to worry about. Despite the benefit of having a natural successor, family business transfers need to be planned appropriately to factor in leadership succession, estate planning, and the actual ownership transfer.
Regardless of what stage your family business is in, it’s crucial to begin having regular discussions about transition planning. This will prevent common barriers, such as lack of clarity on your next chapter in life, from getting in the way of your family business transition.
Steven S. Staugaitis, Director, Audit & Accounting, outlines three critical action items when structuring your family business transition plan.