Don’t be Fooled into believing Generational Business Transfers don’t need Succession Planning
This article from The Business Journal highlights some of the issues Metro Business Advisors discusses with family-owned companies preparing for business succession.
Generational business transfers are not as easy as they sound.
Involving a competent mergers and acquisitions specialist or business broker is essential for clarifying expectations and making decisions based on logic and skill, rather than emotion when considering transitioning a business to the next generation.
Business owners are often put in difficult situations when facing family expectations that may NOT be in the best interest of business continuation.
These issues also arise when there are expectations of transferring your business to an employee.
So what do you do?
Steps can be taken to enhance business leadership skills and develop strengths of future owners as part of a successful business succession plan.
Metro Business Advisors partners with other St. Louis area experts in business development and industrial psychology to make sure family business succession plans go smoothly.