Family Business Succession
INCREASE YOUR ODDS OF SUCCESS
Let’s say that you are about to embark on an arduous and long journey, likely only once in your lifetime. Not everyone successfully completes the journey. In fact, 70% of people don’t make it on their first attempt. You have your kids and even grandkids depending upon you to complete the journey—they’ll all benefit if you can make it.
There are guides available to help you. They have successfully taken people along this same path many times. But you are from the do-it-yourself community. Even though you have the money. But you are not sure if you should do it. Maybe you can do it on your own. You are quite smart and competent. In fact, you have built a great business. You think you can figure this out.
To hedge your bets, you take your cell phone with you, in case there is trouble along the way.
This describes too many families and transitioning their business to the next generation. They think they can figure it out. They can’t. There is a problem along the way. They need to make that call to an advisor because they are stuck.
Don’t take unnecessary risks with your family’s future. The clients we have who do well are always prepared to invest in getting the best advice to climb the mountain. You only expect to do it once.
As a thought leader in the field of working with family business owners, we have written many blogs. View all ELO Counsel related blog posts >>