Less than 30% of family businesses successfully pass their legacy to the second generation. Unsuccessful transitions are primarily due to a breakdown of communication and trust within the family, followed by heirs being unprepared for their roles and accountability. More than 50% of family businesses don't even have a succession plan. Why? Many family members simply don't know how or when to start the conversation. The conversations we tend to avoid are often the most important ones to have. The longer we avoid them, the more difficult they are to initiate. The purpose of this session is to empower family members with safe and respectful tools for starting the conversation at any stage of succession planning, regardless of your role in the family enterprise. The best time to start a succession plan was 30 years ago; the next best time is now.

Learning objectives:
1. Identify key reasons family members avoid succession conversations
2. Discuss strategies to initiate difficult or sensitive succession conversations
3. Apply 3 questions to foster communication among family members

 

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