In the factory we make cosmetics; in the store we sell hope.
Approximately 43 percent of the people who own and operate the closely-held businesses that account for 80 to 90 percent of the North American economy are due to retire in the next five years. Inadequate estate planning and failure to properly prepare and provide for the transition to the next generation, coupled with lack of funds to pay estate tax, were among the three leading causes for the failure of Family Firms.
Succession planning is a growing issue for Family Businesses. It can seem overwhelmingly complex. The family-in-business together involves personal issues, family issues, and business management issues. One of the key reasons Family Business Owners do not address succession is other issues are thought to be more pressing. These issues include conflict management, communications, etc.
This workshop is intended for stakeholders of Family Business's and the Professionals who advise them.
Upon leaving this workshop you will:
- Be able to identify the components that comprise effective succession planning in a family business
- Explore all stakeholders' visions for the future and the financial capability of fulfilling those visions
- Be able to begin aligning that vision with the strategic plan of your business
- Understand the importance of early preparation of your successor
- Begin to develop leadership and selection criteria for the next successor and their runner's up
- Contemplate and be able to plan for the business and emotional issues that surround the transfer of the business
- Understand the importance and impact of estate planning issues on succession
There are pre-Workshop activities, which may include readings, assessments, survey questionnaires or casework, so you are primed and ready to make tangible progress when a workshop begins.
We also encourage you to Contact Us if you are interested in discussing something you have in mind that is not listed.