Zehnder said the family hired Christopher Eckrich, a senior adviser from The Family Business Consulting Group in Fort Wayne, Ind., in 2021 to assist the company with ongoing succession planning.

A man explaining the succession plan for his family business to his son. SmartAsset Team . Mon, Oct 9, 2023, 6:41 AM 5 min read.

While succession planning can bring about strong emotions about the leading-gen’s ability to guide a family business into the future and the next gen’s readiness to assume leadership positions ...

A well-run family enterprise is grounded by a solid governance structure, which guides the business, the family and ownership on many important matters, including generational succession.

Put off business succession planning. Assume that family members are qualified. Assume that family members are not qualified. Disregard the value of an advisory board. Overlook planning due to lack of ...

Succession planning for business owners isn’t just for the ultrarich and powerful like the Roy family battling it out on HBO’s “Succession.” Having a plan in place for who’ll take over ...

A central concern of family business leaders is assessing the readiness of the next generation to take over the business. This is critical, because research shows that 25% of failed transitions ...

Succession Planning Woes Complicate Family Business Growth. ... Indeed, just 15 percent of next-generation members claim they have a big role in the decision-making at their family business, ...

Business succession planning for family-owned businesses requires solving a myriad of thorny issues and potential conflicts. This article presents approaches to some common governance, tax and ...

In succession planning for a family-owned business, Alberto del Pilar, managing director at ButcherJoseph & Co., said a corporate strategic plan is needed to survive the market and compete ...

The post How to Make a Succession Plan for a Family Business appeared first on SmartReads by SmartAsset. Who takes over the reins of your family business when you step down is a critical question ...

This downloadable template for Family Business Succession Planning can provide a first look at starting your own planning process.. Start by joining a Conway Center peer group ...