Succession Planning

We have all seen examples of good transitions and bad transitions in life.  Sadly, we tend to remember the bad transitions most vividly, such as the company that suffers when the founder leaves or the sports program that falls apart when the legendary coach retires.  While having a plan is important, it is only part of the equation.  The plan must match the culture of the organization. 

The same holds true for family succession planning.  The generation that earns family wealth may work hard and spend frugally, while the generation that follows may suffer from what tennis great John McEnroe and others have deemed “affluenza.”  There is a reason why multiple cultures have a saying that encapsulates the theory of “shirtsleeves to shirtsleeves in three generations,” and it is because effective succession planning is hard. 

Thankfully, we have walked through numerous successions with businesses and families alike.  And while there is no guarantee of a successful outcome, developing and communicating not only a plan but also a culture will go a long way toward putting you ahead of your peers.  After all, the most important part of a succession plan is not simply a transition of stuff but rather a transition of values that will lead to success.

We would welcome the opportunity to assist you with your business and family succession planning needs.

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