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Family Companies
Selling the Family Company?
Consider that your family has been through the succession process with family counselors, attorneys, tax specialists, hired guns and most trusted advisors.
It has become patently obvious to the casual observer that your family business will become one of the 85% of family companies that will not survive the third generation cousin's confederation.
You and your wife realized that if you turn the company over to little Billy, who you remember changing his diapers, and who has recently emerged from the treatment center "completely cured," your retirement plan is completely toast. When all planning for successful succession fails consider a sale of the family company. What are the obstacles to valuing an enterprise that is unique to a family company? How do you sell the company? What family dynamics are involved?
Maximizing Succession Success While Beating The Odds of Failure
You have your own jet, and you are a recognized name brand. You have seven children from three spouses. Yet none of your children have developed leadership or coping skills. What is the only common denominator …YOU!
Do you practice succession sabotage? Would your form of succession training make Darwin shudder? Do you believe in survival of the fittest, but at the end of the day, you look around and no heirs survived?
90% of U.S. corporations are owned or controlled by families. It’s a fact, however, that only 15% of family companies survive into the third generation due to poor financial or estate planning, lack of strong family leadership, and/or negative family dynamics. Solid succession planning, and educating our offspring so they are equipped to take over are only two of the tools you will need to beat these odds. Find out about real life succession stories that brought family companies successfully through generation after generation or unfortunately ended in family dissolution.
