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Succession Planning for Family Business

Creating a succession plan is a challenge for any business owner, but if the business is a family business, the issues involved can be significantly compounded by emotional considerations. As a result, many family business owners seek FPMG’s counsel regarding their succession plans, to ensure they safeguard the financial future for their clients, employees and family members.

Among the many topics we cover in this consultative process are:

  • Deciding whether to be a family-first, business-first or hybrid (family-business enterprise)
  • Identifying who in the next generation is best suited to lead the business forward (or whether a non-family member should be brought in)
  • Creating behavioral plans to address succession planning (removing the emotion)
  • Understanding how non-financial issues affect succession planning (magnified in a family business)
  • Structuring a succession plan that provides continuity and builds a foundation for the long-term success of the business
  • Providing leadership development and training for the next generation

For family businesses, having a succession plan that makes sense for both family members and clients can provide invaluable peace of mind. FPMG has the experience and expertise to successfully drive this important process.

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