by Brad Standridge
Family businesses are at the heart of the American economy, employing between 40 and 60 percent of private sector employees and contributing the same percentage to the nation’s GDP. That’s the good news. Statistics also indicate that only about one in three of family businesses survives to the second generation and 10 to 20 percent successfully transition to the third generation. What is the fate, or better yet, the vision for your family business?
Our team at The Beringer Group understands the uniqueness of succession planning for family businesses. It takes more than traditional estate planning and often involves the creation of new business structures while also addressing family relationship issues that can affect both the business operation and the family bonds. Often a variety of advisors who bring their own expertise to issues are assembled.
Yes, family business succession planning is complex and challenging, but an early start and the right project leader will result in success.
Since 1979, The Beringer Group has helped owners understand and analyze the myriad of issues and considerations involved in mapping a strategic direction for the company and its owner[s]. We do not approach this analysis with a preconceived result or “product solution” and provide straightforward and objective conclusions and recommendations.
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