How to Transition a Family Business to the Next Generation

For a family business, the transition from one generation to the next is perhaps the largest (and most overlooked) challenge it will ever face. The transition doesn’t just cause stress, controversy, and bruised relationships. Only 30% ever survive the second generation, regardless of industry, location, or the current economic landscape.

The transition from one generation to another is an issue of relationships and expectations of the family members and non-family numbers. The health and success of the business depend on careful transition planning and healthy communication. This means it’s wise to develop a Succession Plan as a fundamental part of your overall Business Plan. Continue reading “How to Transition a Family Business to the Next Generation”

Estate Planning Part 2 – Helping Your Parents Get Their Affairs in Order

One of the hardest tasks the adult children of elderly parents may have to do is to involve themselves in the legal and financial affairs of the parents. Issues of privacy, independence and judgment can quickly bubble to the surface and make a difficult situation worse. But it is important for everyone involved that these issues be clarified, especially if a parents’ memory and/or physical capacity are in decline. The financial and emotional well-being of the parents, the children, and the grand-children are often at stake. Continue reading “Estate Planning Part 2 – Helping Your Parents Get Their Affairs in Order”