Wisdom is using the energy of Hall’s balance-in-tension well. Each family or business structure is a set of relationships and as such is a wellspring of opportunities for creativity and innovation.
The foundation to a successful plan in family business transitions is having a shared vision of where you want to go. Once we have this, we can begin to map out an “array of paths to our desired point”.
When leaders of family businesses think about succession planning, typically they are thinking of who will replace the President or CEO. Some go further to think about who will own the business when the current owners are gone: succession of ownership.
Meet the Mason family, who illustrate a real situation that is typical of those we see and whose confidentiality we are protecting. They are a wonderful family who owns a very successful distributorship, located in the Midwest.
In 30+ years of our practice, we’ve seen clients struggle with selection of a trustee. Do they select individuals or corporate trustees?
We look at key areas of knowledge for effective business ownership, including financial analysis, industry trends, personal financial planning, and the distinct roles and responsibilities of owners versus management, emphasizing both practical and psychological aspects of wealth.
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