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Ownership Advisors > Maintaining family harmony through business succession

Maintaining family harmony through business succession


Current wealth research indicates that the vast majority of affluent families will fail to successfully transfer their wealth to the next generation. In spite of an overwhelming amount of available technical information and more advisors than ever, families are making bigger mistakes with their wealth than ever before.

Deciding when and how to let go of your business is a difficult decision for every owner. The business may be your most important life accomplishment creating financial rewards and personal satisfaction. Yet, with every successful business comes significant cost often measured in terms of strained family relationships. Achieving family harmony during a period of transition can be accomplished however.

We have developed an integrated wealth succession planning process that links business issues to your estate plan while maintaining family harmony. If you think this is a tall order, you're right but our proven proprietary process has worked with prominent entrepreneurial families across the US and will work for you.

Questions to consider:
  • Who should own your company?
  • Who should lead and manage the business?
  • What role will family-members play if any at all?
  • How will employees fare after you leave?
  • What do you need to take away from the business?
  • What will you do with your time, energy and money when you leave?

We can help you
  • Develop a family wealth plan for all your assets including your business
  • Develop a business succession plan to minimize conflict
  • Clarify family mission, vision, values and goals
  • Manage your key advisors for improved efficiency and reduced cost and conflict
  • Define and protect your financial independence, family legacy and social capital legacy
  • Resolve differences you and your spouse have around money issues
  • Coordinate the implementation of your plan

Gaining control over the chaos
Business succession is complicated when multiple family members and professional advisors are involved. Often there are conflicting goals and personal agendas that get in the way. On top of all this, you may be dealing with your own concerns about what to do with the rest of your life.

Ownership Advisors will help you gain perspective resulting in a customized plan based on your tolerance for time, risk, cost and complexity.

* For facts on family business succession, see Five Commonly Used Tools to Transfer