Family Business Succession Planning. Does it have to be so hard?

For a family business, succession planning represents a major challenge. That's because so much is at stake. There's more to succession planning for the family business than merely passing the business on to the next generation: It must be done in a way that benefits both the business and the family relationships.

Top Ten Obstacles to Family Business
Succession Planning

1. Lack of appreciation, recognition and love
2. Lack of forgiveness
3. Control
4. Requiring others to change
5. History
6. Scarcity
7. Entitlement
8. Indirect communication
9. Differences are seen as a liability not an asset
10. Poor expression of feelings and wants

In conflict or in cooperation, the action is the emotion. During conflict, pain is often expressed as anger. Negative dynamics are driven by lack of recognition, appreciation and love from one or both sides of the conflict.

Leave a lasting legacy and a strong foundation for the next generation to build upon. We can help you with your family business succession planning. Email us, call us at 612.375.0640, or fill out our contact form.