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.