What could be easier than transferring a family business to its natural successor, the heirs apparent or offspring? For many family members and their advisers, answers range from world peace in the Middle East to bipartisanship in Congress!
Statistics, widely quoted, indicate that “only” one-third of family-owned business are passed on to the second generation, “only” ten percent to the third generation and “only” three percent survive transition to the fourth generation. The reasons cited for failure are numerous. They include lack of preparedness, emotional and financial, lack of communication, capabilities, and cooperation to name just a few. The key is to begin planning well in advance of the parent’s desired departure dates. With professional guidance and time, family ownership transitions can indeed defy the odds.
- Identify the various “strategies” available to family business transfers. And how our Panel members chose their path. What worked well, what didn’t and what might they do differently.
- Communication is one of the most important factors in a family business transfer. We’ll learn how early it should start, who should be included, what should be included, format/frequency, etc.
- Identify the “Advisory Team Members” and required expertise needed to facilitate a smooth transition from one generation to the next. And when planning should commence.
Meet the Presenters
Thank you to our sponsoring firms:
This meeting will be held at the Golden Valley Country Club.
Address: 7001 Golden Valley Rd. Golden Valley, MN 55427