Family Business Planning

I’ve worked for four different family businesses in four very different industries, and have seen four different approaches to generation transition.The most interesting I think was a local grocery store chain.If they worked hard, they were trained and tutored.

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What was surprising was the family employment structure. When a family member wanted to work in the company they got jobs with their in-laws, as it were.

The short story is that the kids my age all worked for their uncles, not their dads.

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Bake in the family pecking order with discussions about money, and you have a recipe for... Failure to discuss such matters can be both financially and emotionally devastating.

Much like an estate plan is written to protect heirs from tax implications, there are dire consequences for families who do not discuss the management and financial ramifications of transition.

The process was interesting to watch as a young employee, and over the years I’ve become impressed by the brothers’ wisdom.

These guys were shrewd businessmen and canny managers.

Small businesses, individually owned or family-owned, are really the backbone of this country’s economy, employing more people nationwide than the big-name giant corporations, and serving most of our daily living needs.

For many of these businesses, family continuity, the transition/succession of ownership/management from one generation to the next, is a huge issue.

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