Closely held or family businesses have a
low percentage of survivorship to future generations. Why?
Inadequate or ineffective succession planning is at the root
of the problem.
Succession planning tackles the tough issues including
leadership, ownership and the operational changes that
businesses with a strong founding business leader face.
Who needs
business succession planning? 
When might I need a business
succession planning?
Succession planning makes sense at anytime, but is especially
effective five to ten years prior to the planned retirement
of the business leader.
Without effective succession planning the business may be
sold or merged upon the business leader’s retirement.
Oftentimes, this is not the intent of the business leader
or family and can result in power struggles, family quarrels,
damage to the business and damage to family relationships
in addition to countless other issues.
What is the process?
Succession planning follows a client customized process
that includes:
- Contingencies for an untimely death or incapacitation
of key family managers
- Subordinate roles, responsibilities
and career paths
- Ownership percentages
- The emotional issues involved in
family succession
- Strategies to keep the business interest
ahead of the family interest
Why should I engage Brown
Smith Wallace?
Many of our succession team members have owned or been involved
in a family business at one time and understand the critical “other
side” of the equation. In addition our leaders have
worked with hundreds of family and closely held businesses
throughout their careers.
What else should I consider?
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