Family & Personal Transitions
Nearly 90% of family business owners expect that that their family will retain control of their business for the long term, but in truth, the number is actually closer to 10%. But what’s more shocking is that, despite their wishes and intentions, this low rate of long-term family succession is often caused by poor communication and lack of a true transition plan.
There are myriad factors that contribute to the problem, and all of them involve people and relationships. Anyone can put together a theoretical plan and file it away to collect dust. But without addressing the realities of how people – and life – fit into that plan, many go unrealized.
I work with both family and closely held businesses to identify and address common, but critical issues that are the bedrock of any succession plan. These are often the “third rail” issues that live just beneath the surface, but are rarely, if ever, discussed:
- The outgoing generation intends to pass the baton, but may still have significant difficulty doing so. It’s often his or her life’s work, after all, and it’s an enormous challenge to separate the identity of the company from that of the person.
- One or more of the intended successors is ill-equipped to or not interested in taking the reigns.
- Family or team members have divergent views about succession, roles, and needs.
I can collaborate and consult with business and legal advisors to understand and address the family issues that impede learning, growth, and peace.