Parents and children often have sharply different viewpoints of the family business, particularly when the time approaches for the parents to step away and for the children to step up. An overview of the successful business transition, this session considers practical matters and psychology, including
- Estate planning 101 and the family business
- Cash flow planning from each generation’s perspective
- Establishing rules for having children join the business
- Methods of getting training for the next generation
- How to handle the differences for children who are in the business and for those who are not in the business
- Understanding the risks in taking over the family business
- The challenge of growth: how to do things differently than the parents did
Our goal is to have each participant leave with take home value that they use immediately. Participants will understand the issues that need to be addressed for long term success in their business and also in their personal life.
For more extensive treatment of this subject, consider our workshop Fathers and Mothers, Sons and Daughters: Passing the Family Business.