Once you’ve made a plan, you can begin the work of executing it. But, before you do, there are a few things to consider. It might be obvious to you that there are things you’re doing really well and that are helpful, and there are other things that you’re doing that will make it hard to accomplish the plan.

The final step in your plan is to identify the issues you need to solve, and the ideas you need to implement, to make succession go well. This list of issues and ideas is your playbook for a successful transition. When you start doing the right things, stop doing the wrong things, and continue doing what you’re doing well, you’ll be on track for a successful transition.


Issues we need to solve/ideas we need to implement:

  • Idea – start having monthly family dinners

  • Next generation has never seen the buy/sell agreements

  • Other siblings don’t know what the plan is

  • Our lawyer is aging and the next generation would like a new one, but first generation feels loyalty to the current one

  • First generation wants to keep office at business when they retire – second generation isn’t sure that is a good idea

  • The discount rate is confusing

  • Still haven’t decided what to do with the building they own

  • Business is currently paying for family members’ cars and cell phones; next generation doesn’t feel right about it

When you know what your values, legacy, what you want things to be like in 10 years, ownership philosophy and your plan, share them with your advisers. Go through your legal and financial documents and make sure they reflect your wishes. A great adviser will understand what you’re looking for, make changes to your important documents, help identify more things you need to solve, and give you advice for how to make your plan better.

When done well, passing your family business to the next generation leaves you poised to take great care of your family, your employees, your customers, and your community.

When done well, family business succession is a powerful way to build continuity in your business as well as leave a well-defined family legacy for generations to come.

When done well, it is a fantastic way to create and maintain generational wealth for your family and security for your employees.

When done well, it will look easy from the outside.

Be brave. Plan well. Go ahead and make it look easy.

Next steps