The most important word in family business is family. Most family business owners have often thought about succession planning but have never made it a top priority. Succession planning is not something that happens overnight, for the plan to work investments have to be made – investments in training, in relationships and time. However, even at the earliest stages questions need to addressed: Who will succeed? What are the strengths and weaknesses of the potential successors? How will the responsibilities be divided if more than one successor exists? How much money will be put up upon succession? These are often trying times for the family as great potential for conflict and misunderstanding exist when work and personal relationships converge.
At GBA we understand the need to blend a plan that works well from a family perspective, as well as, a business and tax perspective – a plan that allows the family business to stay in the family and the family to stay in business and stay intact. Call us to see how we can help you continue your business well into the future.