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If you have any questions or concerns, please use the contact information provided in this email as this inbox is not monitored for replies.
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Successfully transitioning a family business requires time and energy above and beyond what is already required to run a business. A successful family business transition should ensure that both the business and the family prosper, and to achieve a successful transition a business owner must have a transition plan in place. In fact, a business owner generally needs two plans: a long-term strategic plan and a contingency plan. A strategic plan may involve planning for family succession or for the sale of the business and seeks to maximize the value of the business taking into account the owner’s liquidity needs and the family’s legacy goals.
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A contingency plan is typically incorporated into a business owner’s overall estate plan to minimize potential issues that may result if the business owner dies or becomes incapacitated before the strategic transition plan can be fully implemented. Most of us don’t want to think about contingency planning because it is planning for something that we hope doesn’t happen, but having a contingency plan in place can be critical for preserving the value of the business and maintaining family harmony when the unexpected happens. Below are some considerations for family business owners regarding putting a contingency plan in place.
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Our thanks to Homrich Berg
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About Homrich Berg
One of the 50 largest registered investment adviser (RIA) firms in the country based on assets under management, HB was a pioneer when we founded our firm in 1989 with a focus on serving clients with a fiduciary approach. We have grown to serve clients in over 45 states from our home base in metro Atlanta and now have 38 principals and more than 175 employees.
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Upcoming Events
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July 21: Breakfast event, University of Cincinnati
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July 26: HR and related topics webcast, Mack International, Virtual
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August 9: FEUSA/PATG luncheon event, Denver, CO
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August 10: Family Office Presentation, Chattanooga, TN
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September 11-12: University of Cincinnati Annual Gala, Cincinnati, OH
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September 12: “Protecting The Wealth Of Family Businesses In A Volatile Tax Environment”, Virtual
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Sign-Up For New Podcast: "Voice of Family Business on Capitol Hill" with host Pat Soldano.
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Join our growing family of podcast listeners by clicking on the links below to our new podcast, "The Voice of Family Business on Capitol," where each episode delves into the major issues facing family businesses and family business centers today. Subscribe by clicking on these links, or wherever you get your podcasts.
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
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As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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