I want to pass my business on to my children. How do I create a successful strategy to do that?

A successful strategy, well-implemented, will preserve both the family relationships, and the business, so you’ll need:

  • A strategy focused on the family
  • A strategy focused on the business
  • A Succession Plan, which includes target retirement dates for the older generation, and adequate training for those who will follow
  • An Estate Plan

These are the four key points that will set up your business and your family for a successful transition, when implemented correctly.