Family Business Succession: Preparing for your Next Generation

​According to Price Waterhouse Cooper’s 2023 U.S. Family Business Survey, one-third of family businesses have a succession plan in place. Is this the case for your family business? A 2020 Harvard Business Review article on family businesses affirmed that “the best business succession hand offs are often years in the making.”


When the plan is to transition the business to the next generation, all too often, the mindset is to just hand of the reins. Having worked with multiple generations of family businesses, the first stage of effective planning is to incorporate the business succession planning into the family’s estate planning, understanding that to do it right, time needs to be invested with a clear strategy of succession factors in place. 

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