The combination of family and money within any family-owned business provides fertile ground for conflict. Conflict can be productive, but it can also lead to decision-making paralysis and damaged relationships. Lookout Ridge Consulting has assisted many businesses in successfully transferring management and ownership from one generation to the next. We apply a structure to support small and large businesses through this process.

Succession plans are developed in three phases.

1. Readiness analysis

• Is the business ready financially and organizationally for the transition? Includes historical financial analysis and personal interviews with each stakeholder.

2. Plan development

• Development of family code of conduct and guiding principles
• Review and update of communication platforms
• Development of senior generation transition plan including position profiles
• Development of action items and a timeline.

3. Plan implementation

• Coordination with your CPA, legal counsel and other professionals to develop specific entities, funding strategies, risk management plans and other items to cap off the transition plan
• Periodic meetings to review progress against the plan

We can also assist existing businesses review their governance structure and develop step-by-step plans for internal conflict resolution. You are never too young to consider your business succession strategy. Call us today to learn more about our succession planning philosophy.