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business succession planning Archives

Advantages you get with a multi-generational business

A multi-generational business is a family business in which members of two (or, in some cases, three) generations all work together. For instance, a man may start a construction company in his 30s and then bring his son on to run it with him in his 50s.

Bringing children into your company can be difficult

Conventional wisdom says that business succession planning should start with bringing a child into your company and working alongside them. This gives them first-hand experience and you can actively teach them how to run the business well, rather than just leaving it to them when you pass away or retire.

Questions to ask when passing a business to your family

Your company has thrived over the course of your life, and you want to leave it to your family. You want your children to have the financial security that it provides. You're also just proud of what you built, and you don't want to shut it all down just because it's time to retire.

How can you plan to make your business last?

While thinking about business succession planning, you have probably come across some rather daunting statistics. For instance, a massive 70% of family businesses do not make it to the next generation. About 88% fail by the third and 97% fail by the fourth.

The odds are stacked against your family business

You have a vision for your family business that goes beyond your immediate interaction with it. You want to leave it to your children. You hope that they can in turn leave it to your grandchildren. You want to create a legacy that spans the generations and provides income and opportunities for decades to come.


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