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A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

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5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

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Engaging the Next Generation is Key to Successful Family Business Transfers

December 18, 2023

It is crucial to involve the next generation early in the process of transferring a family business. By communicating openly with younger family members from a young age about the business, its values, and future plans, current owners can help foster a sense of pride, responsibility, and buy-in. However, it is also important to consider each individual’s skills, interests, and vision for their role. Not all next-gen members may be suited for or attracted to leadership, so exploring alternative paths for meaningful involvement and ensuring fair treatment of all can help avoid resentment.

Owners may struggle with relinquishing control to younger generations taking over day-to-day operations. Part of this stems from uncertainty about their own identity and purpose post-exit. Advisors can help families establish governance structures like family councils and constitutions to facilitate transparency and partnership between generations. Educating next gen on the financial and psychological aspects of transition also fosters understanding of different perspectives.

Strong communication and fairness are key to maintaining unity through change. Next gen should have a voice in planning to feel heard and respected as partners rather than subordinates. Clarifying expectations around issues like compensation can prevent unmet assumptions from breeding conflict down the line. With early, ongoing engagement of all family members and a shared commitment to legacy, advisors can help business-owning families build continuity across generations.

If you are looking to transfer your family business to the next generation, contact our business succession planning team today to start planning for a smooth transition.


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Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
How Financial Frictions Hinder Innovations

A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

The post How Financial Frictions Hinder Innovations first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

The post 5 Budgeting Myths That Stop People from Saving first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more