The correlation between succession planning for family businesses and successful transfers to the next generation could not be more direct. One third of family-owned businesses have a succession ...

This downloadable template for Family Business Succession Planning can provide a first look at starting your own planning process.. Start by joining a Conway Center peer group ...

Succession planning in the context of family owned or controlled businesses generally has two overarching concerns; first, who will manage the business, and second, how will ownership and control ...

According to the Conway Center for Family Business, family businesses account for 64% of the U.S. Gross Domestic Product (GDP), yet 57% of family businesses have no formal succession plan. 1 While ...

In succession planning for a family-owned business, Alberto del Pilar, managing director at ButcherJoseph & Co., said a corporate strategic plan is needed to survive the market and compete ...

In positioning your family business for an exit, outside of the obvious financial metrics, it’s crucial to consider what cultural, organizational, and operational aspects are likely to be ...

An NJBIZ panel explored succession planning, tax reform impacts and long-term strategies to help family businesses thrive across generations.

The financial decision-making table, that is. While the role of women in family financial decision-making, governance and ...

Transitioning a family-owned business to the next generation is complex; owners face various challenges, from preserving their legacy to managing financial considerations and leadership ...

Communicate Your Plan. Once your succession plan is in place, communicate it to all relevant parties, including your successor, family members, business partners, and key employees.

For business owners planning to pass on the baton, Trotman says family dynamics get tough with death, divorce, remarriage, and stepchildren, so make your wishes known early. Have plans to save the ...

Business succession plans are not always formal and are not always in writing. However, regardless of the size of a business, use of a written business succession plan, even if brief, can minimize ...