Transitioning a business from one generation to the next is probably the most difficult and complex process a family business will face. It requires much thought, trust and planning. Developing next generation leaders, assuring that estate planning documents are both tax and succession friendly, evaluating the company’s financial ability to sustain succession and managing conflict and expectations within the family are all required for family businesses to achieve reliable successions between generations.
PeriGrow’s approach is highly collaborative and comprehensive. We work closely with key non-family executives and family stakeholders both in and out of the business in order to develop a plan that works for both the company and the family.
Succession planning is often delayed in a family business due to either active conflict or fear of conflict. PeriGrow’s expertise in managing conflict when the continuing relationships are important is a crucial element of our succession planning work.