Running a family business is a big job! It takes a lot of time, energy, and money. Yet, it’s often overlooked to think about and plan for the future.
A well-executed family business succession plan is key to long-term success. It helps make the leadership change smooth and keeps your family’s legacy alive.
It also helps foster open communication within your family, which can minimize potential conflicts, and preserve the traditions and values of the business, keeping it thriving for generations to come.
Let’s explore some simple steps that can be taken to secure your family business’s legacy.
Start the conversation
- Break the Ice: a simple conversation about the future of the business can be a great starting point.
- Keep it Casual: choose a relaxed setting, like dinner, or a walk, to discuss your plans.
- Be Honest: openly discuss your wishes to avoid future misunderstandings and potential conflicts. Many family business owners have found that proactive planning benefits the entire family.
Focus on what matters
- Strength in Unity: each generation brings unique skills and perspective to the conversation. Communication ensures knowledge transfer and a smooth transition.
- Family Values: discuss what your family business stands for, your vision for the business’s future, and how the wealth the business creates will be deployed in the future.
- Preparedness: plan for unexpected situations, ensuring the business survives any future challenges.
Take action
- Create a Will: a will is simpler than you might think and it’s essential to protecting your family’s future.
- Stay Up to Date: review your will every 5 years, or whenever a major life change occurs.
- Plan for the Future: discuss your succession plan with loved ones to ensure a smooth transition.
- Seek Expert Advice: Unity Insurance can guide you through the process of creating a will, succession plan, and exploring potential trusts.