These are interesting times for many small businesses that find themselves at the crossroads of succession planning. With many family businesses founded in the 1970’s and 80’s by members of the baby boom, generation succession is inevitable as these founders approach retirement. All too often, the topic of ‘what happens next’ gets pushed aside in favor of more pressing issues while the planning window continues to narrow and the need to make a decision becomes more urgent. Never before has the cluster of family business owners standing at this intersection been greater.
Whether succession for you means selling, going public, or transferring the business within the family, planning is critical. Succession planning to meet your goals and those of your family business begins with thoughtful leadership and a framework for honest conversation.