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 normally needs business succession planning?s 
When or why might I need 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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