Determining who should own the family business (we can talk about operating in another blog) in the future ties many families in knots. It’s our observation that sometimes senior generation owners are beset by too many alternatives, and, in their confusion, do little or nothing productive and practical in the way of ownership succession planning.
But it doesn’t have to be so complicated! There are only four ways, as discussed in a previous blog post, to pass down a family company. Having a realistic, somewhat constrained menu allows planning to get off to a much easier start.
Watch our blog this week as Wayne shares a real life case study and offers his opinions on what alternatives are available. We look forward to hearing what your advice would be for this particular family owned business. Please share your thoughts and comments. Thank you.
G1 should have started transitioning when they where younger.
At 80 after being out of the business world it is much easier to become overwhelmed with ideas and plans.
Now they are doing two transition plans in one.
Great observation, Joe. It happened to be an ag family, so I’m sure you see this kind of thing all the time.
This example makes me feel a lot better about our plan. I am the same age as G2 in your example and have already started the transition with G3.
That’s great, Jon! Well done, sir.