Family Business Succession

Family Business Succession

Some family businesses successfully manage their management and ownership succession plans while preserving family and business harmony. There is no reason more family businesses cannot achieve similar outcomes. There is a proven approach to family business succession planning that produces better results.

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Who says the family business won't make it to the next generation?

Passing on the family business to the next generation can be tricky and filled with risk if not done properly, according to Grant Walsh, Co-founder of KPMG's Centre for Family Business. In his book entitled: Family Business Succession: Managing the All-Important Family Component, Mr. Walsh attempts to answer the question ‘what is going wrong with family businesses and the succession process?’

The book focus on the following hot topics:

  • How to Establish Family Business Rules
  • Getting the Family Meetings Started - Outside Assistance
  • Managing Family disagreements
  • Compensation for Family Members
  • Grooming Family Managers to be Successors
  • Minority Shareholder: Managing Expectations
  • Shareholders Agreement
  • Governance (Governing the Family Component)
  • Board of Directors and Board of Advisers
  • Succession Self-Assessment Checklist

The book also includes a comprehensive range of proven ‘How-To’ strategies to assist family businesses in managing their family component as they plan for succession and work through the actual process. Although family owned businesses come with many challenges, to Mr. Walsh explains that work in a family business is unique and can be the most rewarding.

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