Family Business Transition/Succession Strategies and Planning

Published: Sep 27, 2017
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EisnerAmper understands the nuances of working in a family business. By understanding the emotional impact created by working with family members, we can help manage performance, conflict and expectations that can arise in a family business. Our succession strategies will help manage both family harmony, as well as long-term success for your business. To minimize misunderstandings, we can also develop and improve decision-making and governance practices. The following pages provide resources and information to help identify family transition issues and a strategy for moving forward.

Transcript

0:00 Welcome to the EisnerAmper Center for Family Business Excellence. I’m Lise Stewart.

0:06 You know, the family in a family business can be a wonderful blessing, and a tremendous challenge! We enjoy working with those we love and often trust more than anyone else. We also worry about the impact of the business on family harmony, family traditions and family legacy.

0:23 In your business, do you ever struggle to bring the family together to make key decisions? Have you ever struggled to figure out how to pay your siblings or children or perhaps what roles to give them and how to manage their performance? Do you ever find that miscommunication at work means that family relationships at home become strained? These are some of the most common issues in the family-owned or closely-held businesses.

0:47 At EisnerAmper, we understand the emotional impacts of working in a family business. We are aware of the psychology involved in communicating effectively with family members and the importance of managing expectations, conflict and performance. We are here to help you to create succession strategies that will ensure the long-term success of your business as well as create greater harmony in the family. We can work with you to develop governance practices that improve decision-making and minimize misunderstandings. We can help to prepare the next generation to lead the organization, whether through direct management or board involvement. We can help you to navigate some of the toughest conversations that a family needs to tackle.

1:34 On these pages you will find information and resources to help you to identify your key issues and begin to think about ways to move forward. We’d love to have a chance to guide you through the process. Please click on the links or give us a call and see how we can help. We look forward to working with you.