Skip to Main Content

Helping Family Businesses
Prosper Across Generations®

Generational Transition

Most family business leaders know that at some point the business will need to be placed into the care of the next leader -- be it a child, niece or nephew, other family member or a non-family CEO. The prospect of actually making that transition can feel overwhelming. Successfully navigating the transition to the next generation means answering complex questions like:

  • What will the business need from a future leader? Is that the same or different than what it needs now?
  • Who is best suited to lead the business in the future?
  • What are my children's expectations about their future in the business?
  • How will a leadership decision be received within the family?
  • What training, resources and accountability will the next leader need to be successful?
  • What changes might be needed to our ownership structure, policies and governance model to support the transition?
  • When is the right time to pass on the leadership role?

We work with family businesses and family offices to assess business and family readiness in preparation for a future transition, and help to create the plans for how the business and the family can ready themselves for the transition when it comes. Advance planning helps to ensure:

  • A better decision around future leadership,
  • Reduced conflict and family discord around the decision and the process,
  • A smoother transition for management and higher employee retention,
  • Adequate time and resources for the future leader to prepare, and
  • More peace of mind in passing on leadership and management responsibility to the selected successor(s).

It's never too early to start looking at the unique issues that will arise for your family enterprise when faced with transition. To learn more about where to start in planning for the succession of your business, contact us.

8770 W. Bryn Mawr Ave., Ste 1340W, Chicago, IL 60631
P: 773.604.5005 E: info@thefbcg.com 

© 2017 The Family Business Consulting Group, Inc. All Rights Reserved.

close (X)