A Workbook on Transition Planning for the Family Business
The process of family transition planning requires
- time to develop;
- the involvement of the entire family (both members working in the business and those who are not) and consideration for the needs of all;
- a periodic revisiting, updating, and revising of the plan reflecting changed circumstances;
- consultation with management, consultants (bankers, lawyers, accountants, insurance agents, etc.), and advisors.
Each family business has its own style, its own unique set of circumstances to consider, its own personal and psychological dynamics, and its own goals and objectives. However, one common thread that is part of any family fabric is that different family members will ...
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