Unify Next Generation
In his recent article published with Acropolis Investments, Dan Bean, CMA Partner, provides five key steps to successful preparation for the transfer of leadership in family businesses. In this blog entry, we will discuss Step 4: Unify Next Generation:
[note color=”#B6D6F0″]It is paramount to unify the next generation around such issues as: commitment to the business, endorsement of the new leader, the direction of the business, distribution vs. reinvestment of capital, policies regarding family members, etc. Unity is essential to prevent triggering buy/sell agreements and to keep the family out of court.
[/note]Undoubtedly, unity is crucial. There are many avenues or issues where achieving unity can feel unmanageable, but CMA can provide services to help accomplish this during a transition period. One key is to provide a forum where family members can share information, make plans, and resolve issues outside of the business. To learn more about conflict resolution, teambuilding, and related services, please visit CMA.