Tackle Family Business Succession Planning Early

18 July 21

Here’s a good tip.  Temper your children’s expectations at the earliest possible point about how
you want your family business to run after your passing/retirement.
Don’t lose out on the opportunity to control and direct those discussions when you are still
“calling the shots”. Have those discussions before your children start making their own
assumptions and determinations about who will be in charge of the business when you are gone.
If they complaint, be quick to remind them, that “Father” and/or “Mama” knows best.  That
message will carry more weight the quicker you make it, and the more they see you as a vital
piece in the business.
When you have those discussions, communicate your positions clearly. Have patience in the
face of any push back. Tell your family very clearly and very openly who you want to run the
company, which child is best suited for which job, and/or who should get bought out.
If you don’t tell them your thoughts, then you are leaving the thinking to your children who will
have their own ideas about how and who should run the business. That is not a good thing. These
misunderstandings are the TNT when it comes to family explosions over an inherited family
Therefore, temper your children’s expectations early by having concise, consistent and direct
conversations with them.
Remember,  some of the greatest inheritance battles take place over an inherited family business.
Please consider taking the initiative early, and discuss your plans and expectations with them as
soon as possible. There is so much at stake for your family.