One of the many challenges of running a business is planning for the future. Whether you wish to eventually sell your company or transition it to the next generation, succession planning should be a key component of your strategic plan. Now is the time to begin thinking about your future and that of your business.
Part III of our succession planning series will cover passing your business on to future generations. We will discuss the unique barriers and dynamics that the family business faces in this planning process. We will also discuss the keys to a successful change of management and ownership while keeping family harmony and supporting all of the generations in the business.
Key learning objectives:
- Succession planning basics
- Family business dynamics
- Successful change of management and ownership