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Succession Planning for Family Businesses
Manage episode 398188951 series 3317149
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Family conflicts can wreak havoc on a family-run business, especially when it comes time to transfer ownership of the company from one generation to the next.
On the latest episode of Lessons by the Lake, we’re taking a look at how a well-designed succession plan can reduce that risk and help facilitate a transfer that leaves everyone in the family satisfied.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:50 - Helping business owners become financially independent of their business
3:38 - How a family business can assess the need for succession planning
5:15 - Where to begin in crafting a well-designed succession plan
9:45 - How a succession plan addresses family harmony
13:29 - The common mistakes families make when designing their succession plan
17:31 - Flexibility is the key to a well-crafted succession plan
18:46 - How to get in touch with Bob and his team
20:45 - Closing remarks
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