A Good Family Business Succession Plan Has 3 Key Elements
Do you have a succession plan for your family business? Many business owners do not. And if they do have a plan, it often overlooks some very important things, like the full impact on their personal finances. What makes a business succession plan effective? In today’s Puget Sound Business Journal, LNWM Client Advisor Ross Henry points to the three key things you must include in your family business succession plan, including a focus on your personal finances and life goals.
Since we have many clients who are leaders of family businesses, and we part of a seven-generation family business ourselves (the Laird Norton Company), we have deep experience with the many strategies that family firms can use to keep their companies, families and communities going strong from one generation to the next. And as long as family businesses are part of the American landscape, we’ll continue offering guidance and strategies for how they can continue to thrive!