TRANSITION AND SUCCESSION – LEGACY PLANNING​

Succession and transitions are continuous processes that begin long before the retirement party is planned. Legacies are to be honoured, not just concentrating on transferring the family’s assets, but work on preserving the family’s values. Common causes of transition failure include lack of a common vision between all parties, lack of communication and failure to deal with conflict, particularly around sensitive issues. Owners can sometimes be ambivalent about planning for transition, and, in some cases, successors themselves are reluctant. A clear strategy is essential for a successful generational transition. The family business needs to be sustained and viable throughout the transition. FEA’s offer best practices for family business transitions. Family transition with a clear vision, a strong and committed next generation, maximization of family capital and maintenance of established family values will produce an aligned family to carry the business forward. We custom tailor our family enterprise consulting to fit what your family needs to protect and sustain its true legacy.